Pretium Packaging to launch $700 million of term loans on Monday

By Sara Rosenberg

New York, Oct. 16 – Pretium Packaging (Pretium Pkg Holdings Inc.) is scheduled to hold a lender call at 10 a.m. ET on Monday to launch $700 million of term loans, according to a market source.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are the lead arrangers on the deal.

The debt consists of a $530 million seven-year covenant-lite first-lien term loan (B) and a $170 million eight-year covenant-lite second-lien term loan (CCC+), the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at 5 p.m. ET on Oct. 28, the source added.

Pretium is a Chesterfield, Mo.-based designer and manufacturer of rigid plastic packaging solutions for specialized applications.

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