Pretium increases incremental term loan amount to $125 million

By Sara Rosenberg

New York, Feb. 3 – Pretium Packaging (Pretium Pkg Holdings Inc.) upsized its fungible incremental covenant-lite first-lien term loan (B3/B) due Nov. 5, 2027 to $125 million from $75 million, according to a market source.

Pricing on the incremental term loan remained at Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99.75.

The term loan has 101 soft call protection through May 5.

Previously in syndication, pricing on the incremental term loan was increased from talk in the range of Libor plus 325 bps to 350 bps, the call protection was changed from a 101 soft call for six months, and plans were canceled to reprice an existing $540 million covenant-lite first-lien term loan due November 2027 down from Libor plus 400 bps.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are the lead arrangers on the deal.

Commitments were scheduled to be due at noon ET on Wednesday, accelerated from 5 p.m. ET on Wednesday, the source added.

Proceeds from the incremental term loan will be used to repay some second-lien term loan borrowings.

Pretium is a Chesterfield, Mo.-based designer and manufacturer of rigid plastic packaging solutions for specialized applications.

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