Berlin Packaging to launch $190 million term loan B on Thursday

By Sara Rosenberg

New York, Oct. 11 – Berlin Packaging LLC is set to hold a lender call at 1 p.m. ET on Thursday to launch a $190 million incremental covenant-light term loan B due October 2021, according to a market source.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.

Pricing on the term loan B is Libor plus 350 basis points with a 1% Libor floor, the source said.

The original issue discount on the loan is still to be determined.

Proceeds will be used to fund the acquisition of Italy-based Bruni Glass, a distributor of glass containers, bottles and special glass packaging.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

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