Logoplaste updates pricing on $300 million, €440 million term loans

By Sara Rosenberg

New York, April 20 – Logoplaste (Mar Bidco Sarl) finalized pricing on its $300 million seven-year covenant-lite term loan B at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, price talk on the €440 million seven-year covenant-lite term loan B was revised to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 400 bps to 425 bps, the source said.

As before, the U.S. term loan has a 0.5% Libor floor and an original issue discount of 99.5, the euro term loan has a 0% floor and a discount of 99.5, and both term loans have leverage and environmental, social and governance steps in pricing and 101 soft call protection for six months.

Amortization on the U.S. term loan is 1% per annum.

Goldman Sachs is the sole active bookrunner on the U.S. loan. BNP Paribas and Goldman are the joint active bookrunners on the euro loan. Barclays, Credit Suisse, ING, Mizuho and Rabobank are passive bookrunners.

Recommitment for the U.S. term loan were scheduled to be due at 5 p.m. ET on Tuesday and for the euro term loan are due at 6 a.m. ET on Wednesday, the source added.

The company is also getting an €80 million equivalent sterling pre-placed term loan.

Proceeds will be used to help fund Ontario Teachers’ Pension Plan Board’s acquisition of the Carlyle Group’s majority stake in the company, to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

Current Logoplaste shareholders Filipe de Botton and Alexandre Relvas will retain their approximately 40% stake in the business.

Closing is subject to customary regulatory approvals.

Logoplaste is a Portugal-based designer and manufacturer of rigid plastic packaging solutions.

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