RanPak launches $175 million credit facility

By Sara Rosenberg

New York, Nov. 29 - RanPak Corp. held a bank meeting on Tuesday to launch its proposed $175 million credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $15 million revolver and a $160 million term loan, with both tranches talked at Libor plus 275 basis points, the source said.

The term loan is being offered to investors at par.

Ratings are expected to be in the single-B area.

Proceeds will be used to help fund the leveraged buyout of RanPak by American Capital Strategies from First Atlantic Capital.

RanPak is a Concord Township, Ohio, manufacturer of paper packaging materials.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.