Berlin Packaging revises issue price on $190 million term B to par

By Sara Rosenberg

New York, Oct. 20 – Berlin Packaging LLC tightened the issue price on its fungible $190 million incremental covenant-light term loan B (B2/B) due October 2021 to par from talk of 99.5 to 99.75, according to a market source.

Also, 101 soft call protection for six months was added to the incremental term loan B, as well as to the existing term loan B, from no call protection offered previously, the source said.

Pricing on the term loan B is Libor plus 350 basis points with a 1% Libor floor.

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Barclays are the bookrunners on the deal.

Commitments were scheduled to be due by the close of business on Thursday.

Pricing of the loan is expected to occur on Friday morning, the source added.

Proceeds will be used to fund the acquisition of Italy-based Bruni Glass, a distributor of glass containers, bottles and special glass packaging.

With the incremental loan, the term loan B size will total about $825 million.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

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