Ranpak lowers spread on $200 million term loan to Libor plus 350 bps

By Sara Rosenberg

New York, April 14 - Ranpak Corp. reduced pricing on its $200 million six-year term loan to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

Also, pricing firmed on the company's €50 million six-year term loan at Euribor plus 400 bps, the tight end of the Euribor plus 400 bps to 425 bps talk.

As before, 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 company's roughly $290 million credit facility also provides for a $20 million five-year revolver.

Recommitments were due on Thursday.

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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