Pretium to launch $75 million incremental loan, repricing on Thursday

By Sara Rosenberg

New York, Jan. 27 – Pretium Packaging (Pretium Pkg Holdings Inc.) is set to hold a lender call at 11 a.m. ET on Thursday to launch a fungible $75 million incremental covenant-lite first-lien term loan due November 2027 and a repricing of its existing $540 million covenant-lite first-lien term loan due November 2027, according to a market source.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Price talk on the term loan debt is Libor plus 325 basis points to 350 bps with a 0.75% Libor floor, the source said.

The incremental term loan is talked with an original issue discount of 99.75 and the repricing is offered at par.

The term loan debt is getting 101 soft call protection for six months.

Expected term loan ratings are B3/B.

Commitments are due at 5 p.m. ET on Feb. 3, the source added.

Proceeds from the incremental term loan will be used to repay some second-lien term loan borrowings and the repricing will take the existing first-lien term loan down from Libor plus 400 bps with a 0.75% Libor floor.

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

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