Exopack Holding reveals breakdown of U.S. and euro tranche sizes

By Sara Rosenberg

New York, Oct. 22 - Exopack Holding Corp. determined the breakdown of its roughly $675 million 51/2-year term loan B (B), setting the U.S. tranche at $475 million and the euro tranche at €150 million, according to a market source.

As before, talk on the U.S. portion is Libor plus 450 basis points to 475 bps and the euro portion is talked 50 bps wider than the U.S. tranche.

Both tranches have a 1% floor, an original issue discount of 99 and soft call protection for one year of 101.

Commitments are due at noon ET on Wednesday.

Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds from the credit facility and $325 million of notes will be used to refinance existing debt.

Earlier in syndication, the term loan was downsized from $750 million as the bond offering was upsized from $250 million.

Exopack is a Chicago-based manufacturer of plastic packaging products.

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