TricorBraun readies launch of $1.23 billion term loan for Monday

By Sara Rosenberg

New York, Jan. 22 – TricorBraun Holdings Inc. is set to hold a lender call at noon ET on Monday to launch a $1.234 billion seven-year covenant-lite first-lien term loan, according to a market source.

Of the total term loan amount, $1.034 billion will be funded and $200 million is delayed-draw, the source said.

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

Delayed-draw term loan ticking fees are half the margin from days 61 to 120 and the full margin thereafter, the source continued.

The company’s $1.374 billion of credit facilities also include a $140 million ABL revolver.

Credit Suisse Securities (USA) LLC, Antares Capital, Nomura and UBS Investment Bank are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Feb. 3, the source added.

Proceeds will be used with $376 million of privately placed second-lien notes to help fund the buyout of the company by Ares Management Corp. and the Ontario Teachers’ Pension Plan Board.

TricorBraun’s leadership team will also retain a significant investment in the company, as will its current majority owner, AEA Investors.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

TricorBraun is a St. Louis-based provider of packaging products.

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