Multi Packaging launches $135 million incremental loan at OID of 98

By Sara Rosenberg

New York, Nov. 6 – Multi Packaging Solutions Inc./Chesapeake MPS Merger Ltd. launched on Thursday its $135 million non-fungible incremental term loan due Sept. 30, 2020 with original issue discount talk of 98, according to a market source.

As previously reported, pricing on the term loan is talked at Libor plus 325 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for six months, and the call protection will apply to the company’s existing $330 million term loan and $122 million term loan, the source continued.

Commitments are due at 5 p.m. ET on Nov. 13.

Barclays is the bookrunner on the deal.

Proceeds will be used to fund the acquisition of the North American and Asian print businesses from ASG Group.

Senior secured leverage is 4.1 times, total leverage is 4.9 times and net total leverage is 4.8 times, the source added.

Multi Packaging/Chesapeake is a New York-based provider of value-added packaging services.

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