Ranpak ups add-on term loan to Libor plus 325 bps, revises OID talk

By Sara Rosenberg

New York, Feb. 24 – Ranpak Corp. increased pricing on its fungible $45 million add-on first-lien term loan to Libor plus 325 basis points from talk of Libor plus 275 bps to 300 bps and modified original issue discount talk to a range of 99.75 to par from 99.5, according to a market source.

The add-on term loan still has a 1% Libor floor.

With the change in spread on the add-on loan, the company pulled the request to reprice its existing roughly $214 million U.S. first-lien term loan down from Libor plus 325 bps with a 1% Libor floor, the source said.

The repricing was talked at Libor plus 275 bps to 300 bps with a 1% Libor floor and a par issue price.

Another revision is that the first-lien term loan debt is no longer having its 101 soft call protection refreshed for six months, the source continued.

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

Commitments were scheduled to be due at 5 p.m. ET on Friday, and allocations are targeted for Monday, the source added.

Proceeds from the add-on term loan will be used to repay a second-lien term loan.

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

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