Multi Packaging releases talk on first- and second-lien term loans

By Sara Rosenberg

New York, Nov. 7 - Multi Packaging Solutions Inc. came out with price talk on its $330 million six-year covenant-light first-lien term loan (B1/B) and $60 million 61/2-year covenant-light second-lien term loan (Caa1/CCC+) at its Wednesday bank meeting, according to a market source.

The first-lien term loan is talked at Libor plus 400 basis points to 425 bps with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps to 850 bps with a 1.25% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three with initial public offering/sale exception.

The $420 million senior secured credit facility also provides for a $30 million five-year revolver (B1/B).

Commitments are due on Nov. 20, the source added.

Barclays and UBS Securities LLC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to refinance existing debt, redeem preferred stock and pay dividends or other distributions to shareholders.

Leverage is 4.1 times through the first lien and 4.8 times total.

Multi Packaging Solutions is a New York-based manufacturer of specialty print-based packaging products for the pharmaceutical, multi-media and consumer markets.

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