Tekni-Plex finalizes $126 million incremental term loan at par price

By Sara Rosenberg

New York, March 28 – Tekni-Plex Inc. firmed the issue price on its $126 million incremental covenant-light first-lien term loan (B-) due October 2024 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the incremental term loan, which is split between a $78 million drawn tranche and a $48 million delayed-draw tranche, matches existing term loan pricing at Libor plus 325 basis points with a 25 bps leverage-based step-down and a 1% Libor floor.

The incremental term loan includes 101 soft call protection for six months.

The delayed-draw tranche has a ticking fee of half the margin from days 46 to 75 and the full margin thereafter.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

Proceeds will be used to fund tuck-in acquisitions.

Tekni-Plex is a King of Prussia, Pa.-based provider of specialty packaging 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.