Weener Plastics firms €375 million term loan at Euribor plus 450 bps

By Sara Rosenberg

New York, Dec. 6 – Weener Plastics Group BV set pricing on its €375 million senior secured covenant-lite first-lien term loan B due November 2028 (B2/B) at Euribor plus 450 basis points, the low end of the Euribor plus 450 bps to 475 bps talk, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 98.5 to 99 from just 98.5, and a margin ratchet was outlined as 25 bps step-downs at 3.25x and 2.75x leverage, the source said.

The term loan still has a 0% floor.

Barclays, Credit Agricole, ING, Rabobank and SMBC are the joint physical bookrunners on the deal. BNP Paribas and Societe Generale are passive bookrunners. ING is the agent.

Commitments are due at noon ET on Thursday, accelerated from 7 a.m. ET on Friday, the source added.

Proceeds will be used to amend and extend by 3.5 years an existing €335 million term loan B, to pay transaction related fees and expenses, and to fund a modest shareholder dividend.

Weener Plastics, owned by 3i Funds, is an Ede, The Netherlands-based plastic packaging solutions provider.

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