Waddington Group to launch $50 million add-on term loan on Tuesday

By Sara Rosenberg

New York, Feb. 14 - Waddington Group (WNA Holdings Inc.) will hold a call at 1 p.m. ET on Tuesday to launch a fungible $50 million incremental covenant-light term loan B due June 7, 2020, according to a market source.

Barclays, RBC Capital Markets, GE Capital Markets and Goldman Sachs Bank USA are the bookrunners on the deal.

Pricing on the add-on is Libor plus 325 basis points with a 1.25% Libor floor, in line with the existing first-lien term loan, and there is 101 soft call protection until June 7, 2014, the source said.

Original issue discount talk on the add-on is still to be determined.

Commitments are due at noon ET on Feb. 21, the source added.

Proceeds will be used to fund contemplated acquisitions.

Waddington is a Covington, Ky.-based manufacturer of disposable drinkware, dinnerware, servingware, cutlery and custom packaging.

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