Ranpak, Crowne Group, TriMark, Vestcom, Bioventus release guidance; new deal calendar builds

By Sara Rosenberg

New York, Sept. 9 – The primary market on Tuesday saw price talk disclosed on Ranpak Holdings Inc., Crowne Group LLC, TriMark USA Corp. (TMK Hawk Parent Corp.), Vestcom and Bioventus as all of these deals launched to investors during the session.

In addition, FleetCor Technologies Inc., Mattress Firm Holding Corp., TPF II, Jeld-Wen Inc., Central Security Group Inc. and Service King Collision Repair Centers all joined this week’s calendar.

Ranpak held its bank meeting on Tuesday afternoon, and ahead of the event, price talk on its first- and second-lien term loan debt was announced, a market source said.

The $231 million seven-year first-lien covenant-light term loan is talked at Libor plus 400 basis points, the roughly €130 million seven-year first-lien covenant-light term loan is talked at Euribor plus 425 bps and the $170 million eight-year second-lien covenant-light term loan is talked at Libor plus 750 bps, with all tranches having a 1% floor and an original issue discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

In addition to the term loans, Ranpak’s $600 million equivalent credit facility includes a $30 million five-year revolver.

Commitments are due on Sept. 23.

Credit Suisse Securities (USA) LLC and Macquarie Capital are leading the deal.

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