Alpha Packaging seeks $120 million credit facility for buyout

By Sara Rosenberg

New York, Aug. 30 - Alpha Packaging is in market with a $120 million credit facility that will be used to fund its buyout by Irving Place Capital, according to a market source.

Bank of Ireland, BMO and GE Capital are the lead banks on the deal that was launched with a bank meeting on Aug. 25.

The facility consists of a $20 million revolver and a $100 million term loan B, with both tranches talked at Libor plus 500 basis points with a 1.75% Libor floor and an original issue discount of 981/2, the source said.

Alpha Packaging is a St. Louis-based manufacturer of bottles and jars for the nutritional, pharmaceutical, personal care and niche food and beverage markets.

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