Waddington Group launches $50 million add-on term loan at 99¾ to par

By Sara Rosenberg

New York, Feb. 18 - Waddington Group (WNA Holdings Inc.) launched on Tuesday its fungible $50 million incremental covenant-light term loan B due June 7, 2020 with offer price talk of 99¾ to par, according to a market source.

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.

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

Commitments are due at noon ET on Friday.

Proceeds will be used to fund contemplated acquisitions.

Net first-lien leverage is 4 times, and net total leverage is 5 times, the source added.

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

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