Ring Container lifts term loan B to $800 million, revises price talk

By Sara Rosenberg

New York, Aug. 4 – Ring Container Technologies Group upsized its seven-year term loan B to $800 million from $770 million and firmed pricing at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Furthermore, a 25 bps pricing step-down was added to the term loan at a half turn inside closing leverage and original issue discount talk was changed to a range of 99.5 to 99.75 from a range of 99 to 99.5, the source said.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

BofA Securities Inc. is the left lead arranger on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt and fund a dividend, the amount of which was increased with the term loan upsizing.

Ring Container is an Oakland, Tenn.-based manufacturer of plastic containers.

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