Silgan Holdings completes $1.9 billion senior secured credit facility

By Sara Rosenberg

New York, July 28 - Silgan Holdings Inc. closed on a new $1.9 billion senior secured credit facility, according to a news release.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as the joint lead arrangers and bookrunners on the deal.

The facility consists of a $520 million term loan A, a €335 million term loan A, a C$81 million term loan A and an $800 million multi-currency revolver, with all tranches priced at Libor/Euribor plaus 175 basis points.

The term loans mature on July 28, 2017, while the revolver matures on July 28, 2016.

There is a $750 million accordion feature, which may be used to finance acquisitions and for other permitted purposes.

Proceeds were used to refinance an existing credit facility, and the new deal provides the company with greater flexibility regarding strategic initiatives.

Silgan is Stamford, Conn.-based supplier of rigid consumer goods packaging products.

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