TricorBraun $1.307B term loan for buyout prices tight to talk, allocates; terms

Accounts have received allocations of the $1.307 billion, seven-year covenant-lite first-lien term loan for TricorBraun Inc. that priced tight to talk at L+325, with a 0.5% Libor floor and an issue price of 99.5 via a Credit Suisse-led arranger group, according to sources. The financing includes a funded term loan that was increased during syndication by $33 million, to $1.067 billion, and a delayed-draw tranche that was increased to $240 million, from $200 million. There is a ticking fee on the delayed-draw tranche of 50% of the margin after 45 days, stepping to 100% of the margin after 90 days. Financing for the buyout also includes a $140 million asset-based lending revolver and $346 million of privately placed second-lien notes that were reduced by $33 million. The deal backs the buyout of the company by Ares Management and Ontario Teachers' Pension Plan Board. Existing sponsor AEA Investors and company management will retain stakes in the business. TricorBraun is a global provider of rigid packaging products to the healthcare, personal care, food and beverage, and industrial chemical, household chemical and animal health end-markets. Terms: