Ring Container firms $65 million incremental loan at 99.25 OID

By Sara Rosenberg

New York, Nov. 9 – Ring Container Technologies Group LLC set the original issue discount on its fungible $65 million incremental covenant-light first-lien term loan (B2/B) due Oct. 31, 2024 at 99.25, the tight end of the 99 to 99.25 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 275 basis points with a 0% Libor floor, in line with existing term loan pricing.

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

Bank of America Merrill Lynch, BMO Capital Markets and Antares Capital are the lead arrangers on the deal.

Proceeds will be used to refinance an existing second-lien term loan.

Ring Container is an Oakland, Tenn.-based manufacturer of plastic containers for dressings, sauces, oils, spreads and other related products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.