Golden West Packaging completes $290M term loan for refinancing, M&A; terms

Investors on Nov. 29 received allocations of Golden West Packaging Group LLC's $290 million, six-year covenant-lite first-lien term loan that priced via lead arranger Citizens at L+525, with a 0.75% Libor floor and an original issue discount of 99, according to sources. The loan broke for trading in a 99.25/99.75 market. Pricing was finalized wide of talk, and amortization was increased to 2.5% per annum in the first year, stepping up to 5% thereafter. Proceeds will be used to refinance existing debt and to fund a tuck-in acquisition. The company will also have a $30 million, five-year revolver with a springing first-lien net leverage covenant. Lindsay Goldberg-backed Golden West Packaging provides customized, post-print corrugated and specialty packaging solutions.

Terms: