WS Packaging talks $276 million credit facility at Libor plus 425 bps

By Sara Rosenberg

New York, July 11 - WS Packaging Group Inc. launched on Thursday its $276 million credit facility with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

The facility consists of a $40 million five-year revolver and a $236 million six-year first-lien term loan.

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

Commitments are due on July 25.

GE Capital Markets is the lead on the deal.

Proceeds will be used to refinance existing debt, including bank borrowings and mezzanine debt, the source added.

WS Packaging is a Green Bay, Wis.-based manufacturer of pressure-sensitive labels.

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