Ranpak closes $460M refinancing with $410M term loan and $50M revolver

Ranpak Holdings Corp.

New $410M first-lien term loan and $50M revolving credit facility replace existing senior secured credit facilities.
Term loan matures in 7 years; revolving facility expires in 5 years; no revolving draws at closing.
Term loan interest at SOFR+4.50% (or ABR+3.50%), stepping down to SOFR+4.25%; revolver at SOFR+4.00%, stepping down to 3.25%.
Proceeds used to refinance existing debt and pay transaction fees and expenses.
Springing financial covenant: max first-lien leverage ratio of 7.65:1.00 tested only when revolver usage exceeds 40% of commitments.

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