Expera finalizes $285 million term loan B at Libor plus 475 bps

By Sara Rosenberg

New York, Oct. 31 – Expera Specialty Solutions LLC firmed pricing on its $285 million seven-year term loan B at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $335 million credit facility (B2/BB-) also includes a $50 million revolver.

Covenants include a net first-leverage ratio.

Deutsche Bank Securities Inc. and Barclays are the bookrunners on the deal.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

KPS Capital Partners LP is the sponsor.

Closing is expected on Thursday, the source added.

Expera is a Kaukauna, Wis.-based manufacturer of specialty paper and protective packaging products for the industrial and technical, food, and pressure-sensitive release liner segments.

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