Ranpak launches add-on term loan, repricing at Libor plus 275-300 bps

By Sara Rosenberg

New York, Feb. 16 – Ranpak Corp. launched on Thursday its fungible $45 million add-on first-lien term loan and repricing of its existing roughly $214 million U.S. first-lien term loan with price talk of Libor plus 275 basis points to 300 bps with a 1% Libor floor, according to a market source.

The add-on loan is talked with an original issue discount of 99.5 and the repricing is offered at par, the source said.

Included in the add-on loan and the repriced loan is 101 soft call protection for six months.

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

Commitments are due on Feb. 24, the source added.

Proceeds from the add-on term loan will be used to repay a second-lien term loan, and the repricing will take the existing term loan down from Libor plus 325 bps with a 1% Libor floor.

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

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