Expera Specialty talks $178 million term B at Libor plus 525 bps

By Sara Rosenberg

New York, June 3 - Expera Specialty Solutions LLC is talking its in market $178 million seven-year term loan B (Caa1/B+) at Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

Commitments are due on June 13.

Goldman Sachs Bank USA and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to help fund the formation of the company by KPS Capital Partners LP, through the acquisition and combination of Wausau Paper Corp.'s specialty paper business and Packaging Dynamics Corp.'s specialty paper business.

Completion of the transactions is expected to occur simultaneously during the second or third quarter, subject to customary conditions.

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