Ring Container finalizes $800 million term loan B at 99.75 OID

By Sara Rosenberg

New York, Aug. 5 – Ring Container Technologies Group firmed the original issue discount on its $800 million seven-year term loan B at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk in the range of 99 to 99.5, according to a market source.

Pricing on the term loan is Libor plus 375 basis points with a 25 bps step-down at 0.5x inside closing leverage and a 0.5% Libor floor.

The term loan has 101 soft call protection for six months.

Earlier in syndication, the term loan was upsized from $770 million, the spread was set at the low end of the Libor plus 375 bps to 400 bps talk and the step-down was added.

BofA Securities Inc. is the left lead arranger on the deal.

Proceeds will be used to refinance existing debt and fund a dividend, the amount of which was increased with the recent term loan upsizing.

Ring Container is an Oakland, Tenn.-based manufacturer of plastic containers.

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