ProAmpac lifts incremental loan to $420 million, revises issue price

By Sara Rosenberg

New York, Feb. 12 – ProAmpac upsized its fungible incremental first-lien term loan to $420 million from $380 million and tightened the issue price to par from 99.75, according to a market source.

Pricing on the incremental term loan is Libor plus 400 basis points with a 1% Libor floor, in line with the existing term loan.

The incremental term loan has 101 soft call protection through May 2.

Antares Capital is the left lead arranger on the deal.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used to fund acquisitions, repay the non-extended term loan, term out the revolver and pay transaction fees and expenses.

Pro forma for the transaction, the first-lien term loan will total about $1.814 billion.

ProAmpac, a Pritzker Private Capital portfolio company, is a Cincinnati-based supplier of flexible packaging products to a diverse set of end markets, including food, pet food, consumer, medical, pharmaceutical, industrial and specialty retail.

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