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Exopack $95 million term loan sells at original issue discount of 94
By Sara Rosenberg
New York, July 13 - Exopack Holding Corp.'s $95 million unsecured term loan (B3/B) was sold to investors at an original issue discount of 94, according to a market source.
At launch, the discount was described as still to be determined.
Pricing on the term loan is Libor plus 925 basis points with a 2% Libor floor.
Goldman Sachs is the lead bank on the deal.
Proceeds will be used to fund the acquisition of Bemis Co. Inc.'s Menasha, Wis., and Catoosa, Okla., facilities that focus on the production of plastic packaging for retail natural cheeses and shrink bags for fresh red meat.
Exopack is a Spartanburg, S.C.-based full-service paper and plastic flexible packaging products manufacturer.
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