Ring Container talks $445 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Sept. 19 – Ring Container Technologies launched on Tuesday its $445 million seven-year covenant-light term loan with price talk of Libor plus 300 basis points to 325 bps with no floor and an original issue discount of 99.5, according to a market source.

The company is also getting a $30 million delayed-draw term loan that is talked with a ticking fee of 35 bps from days 61 to 120, half the margin from days 121 to 180 and Libor plus the full margin thereafter, the source said.

Bank of America Merrill Lynch, BMO Capital Markets and Antares Capital are the joint lead arrangers on the deal.

Commitments are due at noon ET on Sept. 28, the source added.

Proceeds will be used to help fund the buyout of the company by MSD Partners LP from Carl Ring and his family.

Closing is expected in the fourth quarter.

Ring Container is an Oakland, Tenn.-based blow molder of high-density polyethylene and polyethylene terephthalate plastic bottles for the food service, retail food and other end-use markets.

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