Coveris Rigid reveals first- and second-lien term loan price talk

By Sara Rosenberg

New York, June 28 – Coveris Rigid came out with price talk on its €317 million seven-year covenant-light first-lien term loan B and €70 million eight-year covenant-light second-lien term loan, according to a market source.

Talk on the first-lien term loan is Euribor plus 400 basis points to 425 bps with a 0% floor and an original issue discount of 99.5, and talk on the second-lien term loan is Euribor plus 750 bps with a 0% floor and a discount of 98.5, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s €437 million of credit facilities also include a €50 million six-year multi-currency revolver.

Barclays, HSBC, Morgan Stanley and UniCredit are the bookrunners and mandated lead arrangers on the deal that launched with a lender presentation on Wednesday.

Commitments are due at the close of business on July 11.

Proceeds will be used to fund the buyout of the company by Lindsay Goldberg.

Coveris Rigid is a European leader in rigid plastic packaging.

© 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.