Multi Packaging modifies OID on $220 million term loan D to 99.5

By Sara Rosenberg

New York, Sept. 28 – Multi Packaging Solutions International Ltd. tightened the original issue discount on its $220 million non-fungible incremental covenant-light term loan D (B1/BB-) to 99.5 from 99, according to a market source.

Pricing on the term loan D is still Libor plus 325 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months.

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Recommitments were scheduled to be due by 5 p.m. ET on Thursday, the source added.

Proceeds will be used to redeem the company’s $200 million 8½% senior notes due 2021 on Oct. 17.

In addition to the term loan D, the company is repricing its €132 million covenant-light term loan to Euribor plus 325 bps, versus current pricing of Euribor plus 375 bps, and its £88 million covenant-light term loan to Libor plus 400 bps, versus current pricing of Libor plus 450 bps.

Both repriced term loans have a 1% floor, a par issue price and 101 soft call protection for six months.

The company is not proposing to reprice its existing U.S. term loan B.

Pro forma leverage is 3.7 times total and secured.

Multi Packaging Solutions is a New York-based provider of packaging solutions to the health care, consumer and multi-media markets.

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