Reynolds Consumer firms $2.48 billion term loan at Libor plus 175 bps

By Sara Rosenberg

New York, Jan 29 – Reynolds Consumer Products LLC set pricing on its $2,475,000,000 seven-year first-lien term loan (Ba1/BB+) at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.875 from 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Wednesday.

Proceeds will be used to repay existing Reynolds Group Holdings debt.

Reynolds Consumer is a Lake Forest, Ill.-based consumer products company.

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