Logoplaste sets talk on $300 million, €440 million term loans

By Sara Rosenberg

New York, April 7 – Logoplaste (Mar Bidco Sarl) launched on its lender call on Wednesday a $300 million seven-year covenant-lite term loan B with price talk of Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The company also launched a €440 million seven-year covenant-lite term loan B with price talk of Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 99.5, the source said.

Both term loans have leverage and environmental, social and governance steps in pricing and 101 soft call protection for six months.

Amortization on the U.S. term loan is 1% per annum.

Goldman Sachs is the sole active bookrunner on the U.S. loan. BNP Paribas and Goldman are the joint active bookrunners on the euro loan. Barclays, Credit Suisse, ING, Mizuho and Rabobank are passive bookrunners.

Commitments are due at 10 a.m. ET on April 20, the source added.

The company is also getting an €80 million equivalent sterling pre-placed term loan.

Proceeds will be used to help fund Ontario Teachers’ Pension Plan Board’s acquisition of The Carlyle Group’s majority stake in the company, to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

Current Logoplaste shareholders Filipe de Botton and Alexandre Relvas will retain their approximately 40% stake in the business.

Closing is subject to customary regulatory approvals.

Logoplaste is a Portugal-based designer and manufacturer of rigid plastic packaging solutions.

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