Ranpak sets Wednesday call to launch U.S. and euro term loan repricing

By Sara Rosenberg

New York, May 5 – Ranpak Corp. scheduled the lender call for its term loan repricing transaction for 10:30 a.m. ET on Wednesday, according to a market source.

Previously, it was known that the call would take place this week, but a specific date was unavailable.

Also, talk on the repricing came out, with the $232 million first-lien term loan due October 2021 talked at Libor plus 325 basis points with a 1% Libor floor, versus current pricing of Libor plus 375 bps with a 1% Libor floor, and the €157 million first-lien term loan due October 2021 talked at Euribor plus 325 bps to 350 bps with a 1% floor, versus current pricing of Euribor plus 400 bps with a 1% floor, the source said.

All of the repriced term loan debt is offered at par and will have 101 soft call protection for six months.

Macquarie Capital (USA) Inc. is the arranger on the deal.

Ranpak, a Rhone Capital portfolio company, is a Concord Township, Ohio-based manufacturer of paper-based systems for protective packaging needs.

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