Coveris Holdings, a portfolio company of funds advised by Sun Capital Partners, announced the launch of a proposed repricing of its existing $617 million (equivalent) senior secured term loan. The term loan consists of a $429.6 million senior secured tranche, which is currently priced at LIBOR plus 4.25% with a LIBOR minimum of 1% and was entered into at par, and a $187.9 million (equivalent) euro-denominated tranche, which is currently priced at LIBOR plus 4.75% with a LIBOR minimum and was entered into at par.
The company is proposing the repricing to improve its overall cost of borrowing by reducing the applicable interest rate on its term loan.
The proposed repricing is expected to close in the second half of May 2015. Goldman Sachs Bank USA and J.P. Morgan Limited are the joint lead arrangers and joint bookrunners for the repricing.
Chicago, IL-based Coveris is a manufacturer dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day.