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Reynolds cuts spread on $2.33 billion term E to Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 3 - Reynolds Group Holdings Ltd. lowered pricing on its $2.325 billion seven-year term loan E (Ba3) to Libor plus 325 basis points from Libor plus 350 bps and trimmed the Libor floor to 1% from 1.5%, according to sources.
As before, the loan is being offered to investors at par.
The company is also in market with a €250 million seven-year term loan B that is talked at Euribor plus 375 bps with a 1.5% floor and is being offered at par. No changes have been made to this tranche yet, sources said.
Credit Suisse is the lead bank on the deal.
Proceeds will be used to refinance the company's existing senior secured credit facility.
Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer food and beverage packaging and storage products.
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