Berlin Packaging completes $500M term loan at talk; terms

Berlin Packaging LLC has completed its $500 million first-lien term loan due March 2028 (L+325, 0.50% Libor floor) that priced in line with initial talk at an original issue discount of 99.5 via a Morgan Stanley-led arranger group, according to sources. The facility is split between a $400 million funded tranche and a $100 million delayed-draw tranche. There is a ticking fee for the delayed-draw tranche of 50% of the margin from days 61-120, stepping to 100% of the margin thereafter. Proceeds from the transaction will be used to refinance the issuer's euro-denominated first-lien term loan, refinance a portion of its second-lien term loan, and fund cash to the balance sheet. Berlin Packaging supplies packaging and dispensing systems to customers in the food and beverage, personal care, healthcare and chemicals markets. Terms: