Ranpak sets $45 million add-on first-lien term loan at par issue price

By Sara Rosenberg

New York, Feb. 27 – Ranpak Corp. firmed the issue price on its fungible $45 million add-on first-lien term loan at par, the tight end of revised talk of 99.75 to par and tight of initial talk of 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 325 basis points with a 1% Libor floor.

Last week, the spread on the add-on term loan was increased from talk of Libor plus 275 bps to 300 bps and, as a result, 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 repricing had been talked at Libor plus 275 bps to 300 bps with a 1% Libor floor and a par issue price.

With the repricing shelved, the refresh of the 101 soft call protection for six months was cancelled as well.

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

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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