Ranpak, Mannington Mills break; Skillsoft, Mister Car tweak deals; Progrexion ups deadline

By Sara Rosenberg

New York, Sept. 22 – Ranpak Holdings Inc.’s credit facility made its way into the secondary market on Monday with the first- and second-lien term loans quoted above their original issue discounts, and Mannington Mills freed up too.

Switching to the primary, Skillsoft Ltd. trimmed the size of its incremental first-lien term loan, increased pricing on all of its term loan debt, widened original issue discounts on the incremental tranches and sweetened the first-lien call protection.

In addition, Mister Car Wash tightened the spread and offer price on its term loan B, Progrexion accelerated the commitment deadline on its first-lien term loan, and Metaldyne LLC and Graton Resort & Casino surfaced with new deal plans.

Ranpak Holdings’ credit facility broke for trading on Monday, with the $233,412,000 seven-year first-lien covenant-light term loan quoted at par bid, par ½ offered and the $135 million eight-year second-lien covenant-light term loan quoted at par bid, 101 offered, according to a trader.

Pricing on the U.S. first-lien term loan is Libor plus 375 basis points with a 1% Libor floor and it was sold at an original issue discount of 99¾. There is 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 725 bps with a 1% Libor floor and was sold at a discount of 99½. This debt has call protection of 102 in year one and 101 in year two.

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