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SIG Combibloc launches loan repricing at Libor/Euribor plus 325 bps
By Sara Rosenberg
New York, April 28 – SIG Combibloc Group AG (Onex Wizard Acquisition) launched on Tuesday the repricing of its $1,225,000,000 and €1.05 billion covenant-light term loans due March 13, 2022 with talk of Libor/Euribor plus 325 basis points with a 1% floor and a par issue price, according to a market source.
The repriced loans will have 101 soft call protection for one year, the source said.
By comparison, the term loans are currently priced at Libor/Euribor plus 425 bps with a 1% floor and have 101 soft call protection until March 13, 2016.
Existing loans are being paid out at 101 with the repricing, the source added.
Barclays is the lead bank on the deal.
Consents/commitments are due at 5 p.m. ET on Thursday, and closing is targeted for May 13.
Onex Corp. is the sponsor.
SIG Combibloc is a Switzerland-based supplier of carton packaging and filling machines for beverages and food.
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