Printpack seeks $350 million term loan B at Libor plus 375-400 bps

By Sara Rosenberg

New York, April 17 - Printpack Holdings Inc. is talking its in-market $350 million seven-year covenant-light term loan B (B3/B) at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company's $530 million credit facility, which launched earlier this week, also includes a $180 million five-year asset-based revolver.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the term loan, and Wells Fargo and Bank of America are leading the revolver.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Printpack is an Atlanta-based converter of flexible and specialty rigid packaging.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.