Ranpak Holdings Corp. Completes Allocation of $410 Million Credit Facility

Ranpak Holdings Corp. (NYSE: PACK) made a significant announcement on December 16, 2024. The company revealed that Ranpak Corp. and Ranpak B.V. (collectively known as the Borrowers) finalized the allocation of a $410 million U.S. dollar-denominated first lien term facility maturing in December 2031. This facility is part of the proposed new senior secured credit facilities, which are anticipated to include a $50 million revolving facility available in multiple currencies, maturing in December 2029. Together, these facilities comprise the “New Credit Facilities.”

Under the New Credit Facilities, the applicable interest rate margin for term loans is expected to vary based on the secured overnight financing rate (SOFR) or the base rate, depending on the first lien net leverage ratio. The initial applicable interest rate margins are set at 4.50% for SOFR-based loans and 3.50% for base rate loans. The proceeds from the New Credit Facilities’ closing are intended to fully refinance the existing senior secured credit facilities of the Borrowers.

While the transactions are subject to prevailing market conditions, Ranpak anticipates the completion of these transactions in the fourth quarter of 2024. However, there is no absolute guarantee that the transactions will occur on favorable terms or finalize as expected.

The disclosure includes forward-looking statements concerning funding plans, proceeds utilization, anticipated transaction closure timing, and the capacity to finalize the transactions. Such forward-looking statements are subject to risks and uncertainties that could lead to divergent actual results. Readers are advised not to rely excessively on these forward-looking statements due to inherent risks and uncertainties.

The information shared within this report is being furnished and is not to be deemed “filed” for purposes of the Securities Exchange Act of 1934 or incorporated by reference in filings under the Securities Act of 1933 or the Exchange Act, except when specifically referenced in such filings.

Additionally, the company disclosed Exhibit 104, the Cover Page Interactive Data File containing the cover page XBRL tags embedded within the Inline XBRL document.

This concludes the company’s current report as filed with the SEC on Form 8-K regarding the completion of the credit facility allocation by Ranpak Holdings Corp.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ranpak’s 8K filing here.

Ranpak Company Profile

Ranpak Holdings Corp., together with its subsidiaries, provides product protection solutions and end-of-line automation solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages and protect objects under the FillPak brand; cushioning protective systems, which convert paper into cushioning pads under the PadPak brand; and wrapping protective systems that create pads or paper mesh to wrap and protect fragile items, as well as to line boxes and provide separation when shipping various objects under the WrapPak, Geami, and ReadyRoll brands, as well as cold chain products, which are used to provide insulation for goods.