Berlin Packaging completes $160M add-on term loan for M&A; terms

Berlin Packaging LLC has completed a $160 million fungible add-on to its first-lien term loan B-5 due March 2028 (L+375, 0.5% Libor floor) at an issue price of 99.25 via a Goldman Sachs-led arranger group, according to sources. Proceeds from the deal will be used to fund acquisitions currently under exclusive LOI. On Dec. 7, Moody's upgraded the first-lien rating to B2, from B3, due to an increase in junior debt in the capital structure, noting that the company will issue an unrated $580 million second-lien term loan due 2029 to partially fund a recapitalization. Berlin Packaging, backed by Oak Hill Capital Partners and CPPIB, supplies packaging and dispensing systems to customers in the food and beverage, personal care, healthcare and chemicals markets.

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