Tekni-Plex launches $705 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, July 21 – Tekni-Plex Inc. (Trident TPI Holdings Inc.) launched on Wednesday its $705 million seven-year incremental first-lien term loan with price talk of Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Expected term loan ratings are B2/B-, the source said.

Credit Suisse Securities (USA) LLC, BMO Capital Markets and Jefferies LLC are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on July 29.

Proceeds will be used to fund the acquisition of Grupo Phoenix and an additional tuck-in acquisition.

Tekni-Plex is a Wayne, Pa.-based provider of specialty packaging solutions. Grupo Phoenix is a manufacturer of rigid packaging.

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