Tekni-Plex seeks $100 million term loan B at Libor plus 475 bps

By Sara Rosenberg

New York, April 17 - Tekni-Plex Inc. is marketing a $100 million covenant-light term loan B (B3) that is talked at Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for six months, the source said.

BofA Merrill Lynch is the lead bank on the deal.

Commitments are due on April 25, the source added.

Proceeds will be used to redeem some of the company's senior secured notes due 2019.

Tekni-Plex is a King of Prussia, Pa.-based manufacturer of packaging products primarily serving the healthcare, food and consumer industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.