Golden West ups spread on $290 million loan to Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 22 – Golden West Packaging Group LLC increased pricing on its $290 million six-year covenant-lite first-lien term loan (B2/B-) to Libor plus 525 basis points from Libor plus 500 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99 from 99.5, and amortization was revised to 2.5% in year one and 5% thereafter, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Citizens Bank is the lead arranger and administrative agent on the deal.

Commitments are due on Tuesday, the source added.

Proceeds will be used to refinance existing debt and fund a tuck-in acquisition.

Lindsay Goldberg is the sponsor.

Golden West Packaging is a City of Industry, Calif.-based provider of corrugated and specialty packaging solutions serving the food and beverage, wine, consumer products, and produce end markets.

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