Canister International Group, Refinitiv firm up loan deal terms, free to trade

By Sara Rosenberg

New York, Dec. 18 – Canister International Group Inc. lowered the spread and tightened the original issue discount on its first-lien term loan, and then the debt made its way into the secondary market during Wednesday’s market hours.

Additionally, Refinitiv finalized pricing on its term loan B at the low end of guidance before freeing up for trading at par-plus levels.

Canister revised, trades

Canister International Group trimmed pricing on its $445 million seven-year covenant-lite first-lien term loan to Libor plus 475 basis points from talk in the range of Libor plus 500 bps to 525 bps and changed the original issue discount to 99 from 98.5, according to a market source.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

The company’s $525 million of credit facilities (B2/B) also include an $80 million revolver.

Recommitments were due at noon ET on Wednesday and the term loan began trading in the afternoon, with levels quoted at par bid, par ¾ offered, another source added.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, BMO Capital Markets and Stifel are leading the deal that will be used to help fund the buyout of the company by Cerberus.

Canister is a designer and manufacturer of plastic and aluminum closures and capping equipment.

Refinitiv updated, breaks

Refinitiv set the spread on its $6,451,000,000 covenant-lite term loan B at Libor plus 325 bps, the tight end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

The term loan still has no Libor floor, a par issue price and 101 soft call protection for six months.

On Wednesday, the term loan B freed to trade, with levels seen at par 5/8 bid, par 7/8 offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps.

Refinitiv is a data and financial technology platform.

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