Multi Packaging Solutions ups pricing on $182.5 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, April 28 - Multi Packaging Solutions Inc. increased pricing on its $182.5 million six-year term loan to Libor plus 500 basis points from Libor plus 475 bps and lifted the Libor floor to 2% from 1.75%, according to a market source.

The original issue discount on the term loan was left unchanged at 99.

In addition, amortization on the term loan was changed to basically 5% a year from the typical 1% a year.

Also, the incremental facility was downsized to $75 million from $100 million, and the leverage test that needs to be met in order to use the incremental facility was tightened.

The company's $212.5 million credit facility (B2/B) also includes a $30 million five-year revolver priced at Libor plus 400 bps with an upfront fee of 99.

Wells Fargo, UBS and Barclays are the joint lead arrangers on the deal, with Wells the left lead.

Proceeds will be used for a dividend recapitalization.

Multi Packaging is a New York-based entertainment packaging company.

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