secwatch.observer — SEC 8-K summary
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Issuer:     Ranpak Holdings Corp. (PACK)
CIK:        0001712463
Form:       8-K
Filed at:   2024-12-19T23:59:59+00:00
Accession:  0000950103-24-018007
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1712463/000095010324018007/0000950103-24-018007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1712463/000095010324018007/dp222355_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-24-018007

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