12 Jan, 2022

TricorBraun completes $180M add-on term loan tight to talk; terms

TricorBraun Inc. has completed a $180 million fungible add-on to its covenant-lite first-lien term loan due March 2028 (L+325, 0.5% Libor floor) tight to talk at an issue price of 99 via a Credit Suisse-led arranger group, according to sources. Proceeds will be used to repay revolver borrowings. TricorBraun, backed by Ares Management and Ontario Teachers' Pension Plan, is a global provider of rigid packaging products to the healthcare, personal care, food and beverage, industrial chemical, household chemical and animal health end-markets.

Terms:

Borrower TricorBraun Holdings, Inc.
Issue $180 million fungible add-on first-lien term loan
UoP Refinancing
Spread L+325
Libor floor 0.50%
Price 99
Tenor March 2028
YTM 4.00%
Four-year yield 4.09%
Call protection None
Corporate ratings B-/B3
Facility ratings B-/B2
Recovery ratings 3
Financial covenants None
Arrangers CS/Antares/Nom/UBS
Admin agent CS
Px Talk L+325/0.5%/98.65
Sponsor Ares Management/Ontario Teachers' Pension Plan
Notes Total tranche size now $1.637 billion.

*Article updated at 4:51 p.m. ET on Jan. 13, 2022, to add arrangers.