Tekni-Plex ups pricing on $285 million term B to Libor plus 700 bps

By Sara Rosenberg

New York, Oct. 28 - Tekni-Plex Inc. increased pricing on its $285 million six-year term loan B (B1/B) to Libor plus 700 basis points from Libor plus 600 bps, according to a market source.

The 2% Libor floor and original issue discount of 98 were left unchanged.

The term loan B has a springing maturity to 2013 notes, the source said.

Commitments are due by 5 p.m. ET on Monday.

Deutsche Bank and Bank of America are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Tekni-Plex is a King of Prussia, Pa.-based manufacturer of packaging, products and materials for the health care, consumer and food packaging industries.

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