Tekni-Plex lifts U.S. term loan to $880 million, cancels euro loan

By Sara Rosenberg

New York, April 25 – Tekni-Plex Inc. (Trident TPI Holdings Inc.) upsized its U.S. incremental covenant-lite first-lien term loan B (B2/B-) due September 2028 to $880 million from $626 million and terminated plans for a $254 million equivalent euro incremental covenant-lite first-lien term loan B due September 2028, according to a market source.

Also, pricing on the term loan firmed at SOFR plus 450 basis points, the low end of the SOFR plus 450 bps to 475 bps talk, the source said.

The term loan still has a 0.5% floor, an original issue discount of 97, 101 soft call protection for six months and amortization of 1% per annum.

The cancelled euro term loan had been talked at Euribor plus 475 bps to 500 bps with a 0% floor and a discount of 96 to 97.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, Jefferies LLC and Goldman Sachs Bank USA are the arrangers on the deal.

Recommitments were scheduled to be due at 2:30 p.m. ET on Tuesday, the source added.

Proceeds will be used to refinance existing debt.

The incremental term loan is co-terminus with the company’s existing first-lien loans.

Tekni-Plex is a Wayne, Pa.-based provider of health care and consumer material solutions.

© 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.