Ranpak finalizes €157 million term loan spread at Euribor plus 325 bps

By Sara Rosenberg

New York, May 13 – Ranpak Corp. firmed pricing on its €157 million first-lien term loan due October 2021 at Euribor plus 325 basis points, the low end of the Euribor plus 325 bps to 350 bps talk, according to a market source.

The euro term loan still has a 1% floor, a par issue price and 101 soft call protection for six months.

The company is also getting a $232 million first-lien term loan due October 2021 that priced in line with talk at Libor plus 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Proceeds will be used to reprice an existing euro term loan from Euribor plus 400 bps with a 1% floor and an existing U.S. term loan from Libor plus 375 bps with a 1% Libor floor.

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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