Ranpak reveals price talk on $290 million credit facility with launch

By Sara Rosenberg

New York, March 30 - Ranpak Corp. released price talk on its roughly $290 million credit facility as the deal was launched with a bank meeting on Wednesday, according to a market source.

The $20 million five-year revolver and $200 million six-year term loan are being talked at Libor plus 375 basis points to 400 bps, and the €50 million six-year term loan is being talked at Euribor plus 400 bps to 425 bps, the source said.

The U.S. and euro term loans have a 1.25% floor, are being offered at an original issue discount of 99½ and include 101 soft call protection for one year, the source added.

Commitments are due on April 13.

Goldman Sachs & Co. and Bank of America Merrill Lynch are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Other funds for the transaction will come from a $175 million second-lien term loan that has already been placed.

Ranpak is a Concord Township, Ohio-based manufacturer of in-the-box paper protective packaging systems and materials.

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