Tekni-Plex incremental term loan frees to trade; Cornerstone Building changes surface

By Sara Rosenberg

New York, July 19 – Tekni-Plex Inc. (Trident TPI Holdings Inc.) tightened the original issue discount on its incremental first-lien term loan, and then the debt made its way into the secondary market on Tuesday afternoon.

Tekni-Plex adjusted the original issue discount on its non-fungible $125 million incremental first-lien term loan (B2/B-) due Sept. 17, 2028 to 93 from 92, a market source remarked.

As before, the incremental term loan is priced at SOFR plus 525 basis points with a 0.5% floor and has 101 soft call protection for six months.

In more happenings, Cornerstone Building Brands Inc. reduced the size of its first-lien term loan while increasing the amount of its bond offering, widened original issue discount guidance and made some revisions to documentation.

Cornerstone trimmed its six-year covenant-lite first-lien term loan to $300 million from $410 million and changed original issue discount talk to a range of 90 to 91 from 93, a market source said.

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