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Multi Packaging to launch $330 million credit facility on Tuesday
By Sara Rosenberg
New York, July 29 - Multi Packaging Solutions Inc. set a bank meeting for 10 a.m. ET on Tuesday to launch a $330 million credit facility, according to a market source.
Barclays and BofA Merrill Lynch are the bookrunners on the deal.
The facility consists of a $50 million five-year revolver and a $280 million seven-year first-lien term loan B, the source said.
Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Irving Place Capital and to refinance its existing senior secured credit facility.
Senior secured leverage is 3.5 times and total leverage is 5.8 times, the source added.
Multi Packaging Solutions is a New York-based manufacturer of printed folding cartons, labels and inserts for customers in the health care, consumer and media end markets.
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