Ranpak readies launch of $470 million credit facility for Tuesday

By Sara Rosenberg

New York, March 22 - Ranpak Corp. is scheduled to hold a bank meeting on Tuesday to launch a $470 million credit facility, according to a market source.

Goldman Sachs & Co. is the lead bank on the deal.

The facility consists of a $20 million five-year revolver, a $300 million six-year first-lien term loan B and a $150 million seven-year second-lien term loan, the source said.

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

Ranpak is a Concord Township, Ohio-based producer of protective paper packaging materials and systems.

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