Multi Packaging to launch $420 million credit facility on Wednesday

By Sara Rosenberg

New York, Nov. 5 - Multi Packaging Solutions Inc. will hold a bank meeting at 1 p.m. ET on Wednesday to launch a proposed $420 million senior secured credit facility, according to a market source.

Barclays and UBS Securities LLC are the joint lead arrangers and bookrunners on the deal.

The facility consists of a $30 million five-year revolver, a $330 million seven-year covenant-light first-lien term loan and a $60 million eight-year covenant-light second-lien term loan, the source said.

Proceeds will be used to refinance existing debt, redeem preferred stock and pay dividends/other distributions to shareholders.

Leverage is 4.1 times through the first-lien and 4.8 times total, the source added.

Ratings are expected in the mid-B area.

Multi Packaging Solutions is a New York-based manufacturer of specialty print-based packaging products for the pharmaceutical, multi-media and consumer markets.

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