Sabert readies launch of $717.5 million term loan B for Wednesday

By Sara Rosenberg

New York, Nov. 12 – Sabert Corp. is scheduled to hold a bank meeting on Wednesday to launch a $717.5 million seven-year term loan B (B2), according to a market source.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and Nomura Securities International Inc. are the leads on the deal. JPMorgan is the administrative agent.

Price talk on the term loan B is Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 25, the source added.

Proceeds will be used to fund the acquisition of LBP Manufacturing LLC and to refinance existing debt.

Closing is expected in early December, subject to customary conditions, including regulatory approvals.

Sabert is a Sayreville, N.J.-based food packaging company. LBP is a Chicago-based producer of environmentally progressive and sustainable food and beverage packaging.

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