Canister cuts spread on $445 million term loan to Libor plus 475 bps

By Sara Rosenberg

New York, Dec. 18 – Canister International Group Inc. reduced pricing on its $445 million seven-year covenant-lite first-lien term loan to Libor plus 475 basis points from talk in the range of Libor plus 500 bps to 525 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99 from 98.5, the source said.

The term loan still has a 0% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

The company’s $525 million of credit facilities (B2/B) also include an $80 million revolver.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, BMO Capital Markets and Stifel are the lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to help fund the buyout of the company by Cerberus.

Canister is a designer and manufacturer of plastic and aluminum closures and capping equipment.

© 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.