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Tekni-Plex ups tack-on first-lien loan to $80 million, modifies OID
By Sara Rosenberg
New York, Dec. 15 – Tekni-Plex Inc. upsized its fungible tack-on first-lien term loan due June 2022 to $80 million from $45 million and revised the original issue discount to 99.75 from 99.5, according to a market source.
Pricing on the tack-on term loan is Libor plus 350 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to repay a portion of the company’s existing second-lien term loan.
Recommitments are due at 10 a.m. ET on Friday, the source added.
Tekni-Plex is a King of Prussia, Pa.-based provider of specialty packaging solutions.
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