ProAmpac ups term loan to $2.24 billion, flexes to SOFR plus 450 bps

By Sara Rosenberg

New York, Sept. 26 – ProAmpac upsized its first-lien term loan due 2028 to $2.24 billion from $2.085 billion and reduced pricing to SOFR plus 450 basis points from SOFR plus 475 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99 from 98, the source said.

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

JPMorgan Chase Bank, Antares Capital and others are the leads on the deal.

Commitments were scheduled to be due at 1 p.m. ET on Tuesday, accelerated from 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to amend and extend an existing $2.105 billion first-lien term loan due 2025, to repay 2025 notes and to repay revolving credit facility borrowings.

ProAmpac is a Cincinnati-based manufacturer of flexible packaging and material science solutions.

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