ProMach launches $1.85 billion term loan at SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 9 – ProMach Group Inc. held a lender call at 11 a.m. ET on Tuesday to launch a $1.8542 billion senior secured covenant-lite first-lien term loan B due Aug. 31, 2028 (B1/B-) that is talked at SOFR plus 375 basis points with 0 bps CSA, a 1% floor and a par issue price, according to a market source.

The term loan has a 25 bps step-down at 4.75x first-lien net leverage, but cannot step-down until the March 31, 2024 compliance certificate is delivered, the source said.

Also included in the term loan is 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal and the agent.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to reprice existing term loans.

ProMach is a Covington, Ky.-based provider of packaging solutions to the food, beverage, pharmaceutical, personal care and household and industrial goods industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.