Waddington North America to launch $650 million facility on Thursday

By Sara Rosenberg

New York, April 30 - Waddington North America will host a bank meeting at 10 a.m. ET on Thursday to launch a $650 million senior secured credit facility, according to a market source.

Barclays, RBC Capital Markets, GE Capital Markets and Goldman Sachs & Co. are the lead banks on the deal.

The facility consists of a $50 million five-year revolver, a $350 million seven-year first-lien term loan, a $100 million Canadian equivalent seven-year first-lien term loan and a $150 million 71/2-year second-lien term loan, the source said.

Proceeds will be used to fund the acquisition of Par-Pak, a designer and manufacturer of rigid plastic packaging, and to refinance existing debt at both companies.

First-lien leverage is 3.9 times and total leverage is 5.3 times, the source added.

Waddington is a Covington, Ky.-based manufacturer of disposable drinkware, dinnerware, servingware, cutlery and custom packaging.

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