Hoffmaster trims term loan pricing to Libor plus 350 bps

By Sara Rosenberg

New York, Oct. 25 - Hoffmaster reverse flexed pricing on its $140 million term loan B to Libor plus 350 basis points from Libor plus 375 bps, while leaving the original issue discount at 99, according to a market source.

The company's $170 million credit facility also includes a $30 million revolver.

National City Bank is the lead bank on the deal.

Proceeds were used to help fund the recently completed buyout of the company by Kohlberg & Co. LLC from Solo Cup Co. for about $170 million.

Hoffmaster is a manufacturer of specialty napkins, placemats, table covers and other items for the restaurant and lodging industries.

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