Alpha Packaging adds $30 million delayed-draw term loan to facility

By Sara Rosenberg

New York, Sept. 13 - Alpha Packaging added a $30 million delayed-draw one-year term loan to its proposed credit facility, bringing the total deal size to $150 million, according to a market source.

As before, the facility also includes a $20 million revolver and a $100 million term loan B.

All tranches are talked at Libor plus 500 basis points with a 1.75% Libor floor.

The delayed-draw term loan is being offered at an original issue discount of 98, while the funded term loan B and revolver are still being offered at 981/2, the source said.

Also, the delayed-draw term loan has a 100 bps unused fee.

Bank of Ireland, BMO and GE Capital are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Irving Place Capital.

The delayed-draw loan is available for acquisitions.

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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