Fort Dearborn to launch $90 million incremental term loan on Friday

By Sara Rosenberg

New York, Feb. 18 – Fort Dearborn Holding Co. Inc. will hold a lender call at 10 a.m. ET on Friday to launch a fungible $90 million covenant-lite incremental first-lien term loan due Oct. 20, 2023, according to a market source.

Deutsche Bank Securities Inc. and Golub Capital are the bookrunners on the deal.

Pricing on the incremental term loan is Libor plus 400 basis points with a 1% Libor floor, in line with existing term loan pricing, the source said.

Original issue discount talk on the incremental term loan is not yet available.

Expected term loan ratings are B2/B-.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to fund the acquisition of Hammer Packaging Corp., a West Henrietta, N.Y.-based supplier of labels.

Fort Dearborn is an Elk Grove, Ill.-based supplier of labels.

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