Ranpak ups first-lien term loan size to $315 million, lowers pricing

By Sara Rosenberg

New York, April 8 - Ranpak Corp. upsized its six-year first-lien term loan B to $315 million from $300 million, with the tranche split between a $185 million piece and a €100 million piece, according to sources.

In addition, pricing on the first-lien term loan was reduced to Libor plus 325 basis points from talk of Libor plus 350 bps to 375 bps, and pricing on a $150 million seven-year second-lien term loan was trimmed to Libor plus 750 bps from talk of Libor plus 775 bps to 800 bps, sources said.

The first-lien term loan still has a 1.25% floor, original issue discount of 99½ and 101 soft call protection for one year.

The second-lien term loan, meanwhile, saw its original issue discount price tighten to 99 from 981/2, sources continued.

As before, the second-lien loan has a 1.25% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three.

The company's now $485 million credit facility, up from $470 million, also includes a $20 million five-year revolver.

Goldman Sachs & Co. and Barclays are the lead banks on the deal.

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

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

© 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.