TricorBraun talks $660 million in term loans at Libor plus 350-375 bps

By Sara Rosenberg

New York, Nov. 9 – TricorBraun launched on Wednesday its $600 million covenant-light term loan and $60 million delayed-draw term loan strip with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

The delayed-draw term loan is available for two years, with a ticking fee of half the spread for the first year and the full spread thereafter, the source said.

The company’s $735 million credit facility (B) also includes a $75 million revolver.

Antares Capital, Nomura and Guggenheim Securities are the joint lead arrangers on the deal.

Commitments are due on Nov. 22, the source added.

Proceeds will be used to help fund the acquisition of the company by AEA Investors LP from CHS Capital.

Closing is targeted for Nov. 30.

TricorBraun is a St. Louis-based specialty distributor of plastic and glass packing products.

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