Berlin Packaging launches $1.07 billion term loan B to investors

By Sara Rosenberg

New York, Aug. 5 – Berlin Packaging was scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a $1.07 billion term loan B due March 11, 2028 that is talked at Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA, Barclays, Jefferies LLC and MUFG are the lead arrangers on the deal.

Commitments are due on Aug. 12, the source added.

Proceeds will be used to refinance an existing first-lien initial term loan, first-lien tranche B-1 term loan and second-lien term loan, fund cash to the balance sheet and pay transaction-related fees and expenses.

Oak Hill and CPPIB are the sponsors.

Berlin Packaging is a Chicago-based supplier of packaging services.

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