Ranpak now plans $289 million and €140 million term loans

By Sara Rosenberg

New York, April 8 – Ranpak Corp. amended its debt commitment letter to provide for a $289,175,000 first-lien term loan and a €140 million first-lien term loan, according to an S-4/A filed with the Securities and Exchange Commission on Monday.

The company has the right to increase the euro term loan by €60 million with a corresponding decrease to the U.S. term loan by the equivalent amount.

Under the original commitment letter, the company had a commitment for a $450 million seven-year covenant-light first-lien term loan that could include a euro piece.

The amended commitment letter still provides for a $45 million revolver, a $100 million first-lien contingency term loan and a $100 million second-lien contingency term loan.

Goldman Sachs is the lead bank on the deal.

Proceeds will be used to help fund the company’s acquisition by One Madison Corp. from Rhone Capital for $950 million in cash, including the repayment of existing first-lien and second-lien debt.

Closing is expected in spring 2019, subject to approval by One Madison shareholders, regulatory approvals and other customary conditions.

This transaction will introduce Ranpak as a publicly listed company with an anticipated enterprise value of about $1,089,000,000.

One Madison is a special purpose acquisition company launched in 2018 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. One Madison’s investors and strategic partners include JS Capital and Soros Capital, as well as entities managed by Blackstone Alternative Solutions LLC.

Ranpak is a Concord Township, Ohio-based provider of fiber-based, environmentally sustainable protective packaging solutions that safeguard products in commerce and industrial supply chains.

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