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Ranpak reworks first- and second-lien term loan sizes and pricing
By Sara Rosenberg
New York, Sept. 18 – Ranpak Holdings Inc. upsized its seven-year first-lien covenant-light term loan to $435 million equivalent from $400 million equivalent and downsized its eight-year second-lien covenant-light term loan to $135 million from $170 million, according to a market source.
The first-lien term loan includes a roughly €157 million tranche, revised from roughly €130 million, the source said.
Also, pricing on the U.S. first-lien term loan was reduced to Libor plus 375 basis points from Libor plus 400 bps, pricing on the euro first-lien term loan was trimmed to Euribor plus 400 bps from Euribor plus 425 bps and pricing on the second-lien term loan was cut to Libor plus 725 bps from Libor plus 750 bps.
Furthermore, the original issue discount on the first-lien term loans was tightened to 99¾ from 99, and the discount on the second-lien loan was changed to 99½ from 99, the source continued.
As before, all of the term loans have a 1% floor, the first-lien term loan debt 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.
The company’s $600 million equivalent credit facility also provides for a $30 million five-year revolver.
Recommitments are due at noon ET on Friday, the source added.
Credit Suisse Securities (USA) LLC and Macquarie Capital are the lead banks on the deal.
Proceeds will be used to help fund the buyout of the company by Rhone Capital LLC from Odyssey Investment Partners LLC.
Closing is expected in the third quarter, subject to customary conditions, including regulatory approvals.
Ranpak is a Concord Township, Ohio-based manufacturer of paper-based systems for protective packaging needs.
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