Goodpack reveals price talk on $765 million in term loans with launch

By Sara Rosenberg

New York, May 29 – Goodpack (IBC Capital Ltd.) released price talk on its $765 million in senior secured term loans with its lender call on Tuesday, according to a market source.

The $595 million five-year covenant-light first-lien term loan B is talked at Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5 to 99.75, and the $170 million six-year covenant-light second-lien term loan is talked at Libor plus 700 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has 101 hard call protection for one year.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and KKR Capital Markets are the joint lead arrangers and bookrunners on the deal, with Morgan Stanley the left lead on the first-lien loan and Credit Suisse the left lead on the second-lien loan.

Commitments are due at noon ET on June 8, the source added.

Proceeds will be used to refinance existing debt and pay down revolving credit facility borrowings.

Goodpack is a Singapore-based operator of a fleet of nestable and collapsible intermediate bulk containers.

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