Fort Dearborn delays $90 million term loan process, cancels call

By Sara Rosenberg

New York, Feb. 19 – Fort Dearborn Holding Co. Inc. canceled its 10 a.m. ET lender call on Friday as it decided to delay the incremental loan financing process, according to a market source.

The company had been planning to launch on the call a fungible $90 million covenant-lite incremental first-lien term loan due Oct. 20, 2023.

Pricing on the incremental term loan was going to be Libor plus 400 basis points with a 1% Libor floor, in line with existing term loan pricing. Original issue discount talk had not come out.

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

Proceeds were going to 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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