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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Ranpak Holdings Corp. Announces Completion of Refinancing Transaction

Ranpak Holdings Corp. (NYSE: PACK) (“Ranpak” or “the Company”), a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-Commerce and industrial supply chains, today reported that it has completed the previously announced refinancing of the existing senior secured credit facilities of Ranger Pledgor LLC, (“Holdings”), Ranpak Corp., (the “U.S. Borrower”) and Ranpak B.V. (the “Dutch Borrower” and together with the U.S. Borrower, the “Borrowers”). In connection with the closing, the Borrowers entered into a new First Lien Credit Agreement (the “Credit Agreement”) by and among Holdings, the Borrowers, the lending institutions party thereto and UBS AG, Stamford Branch, as Administrative Agent. UBS Securities LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners for the New Credit Facilities described below.

The Credit Agreement provides for a $410 million U.S. dollar-denominated first lien term facility maturing in December 2031 (the “Term Facility”) and a $50 million revolving facility available in U.S. dollars and Euros maturing in December 2029 (the “Revolving Facility”, and together with the Term Facility, the “New Credit Facilities”). The amortization rate for the Term Facility is 1.00% per annum. The Term Facility accrues interest, at the Borrowers’ option, at either (i) the secured overnight financing rate (“SOFR”) plus 4.50% or (ii) the base rate plus 3.50%, in either case subject to a step-down to 4.25% for SOFR borrowings and 3.25% for base rate borrowings, respectively, based on the first lien net leverage ratio level. The Revolving Facility accrues interest, at the Borrower’s option, at either (i) SOFR or the applicable eurocurrency rate plus 4.00% or (ii) the base rate plus 3.00%, in either case subject to step-downs to 3.25% for SOFR or eurocurrency borrowings and 2.25% for base rate borrowings, respectively, based on first lien net leverage ratio levels. As of December 19, 2024, no amounts under the Revolving Facility have been drawn.

Proceeds of the New Credit Facilities were used in part to consummate the refinancing of the existing credit facilities and pay all fees, premiums, expenses and other transaction costs incurred in connection therewith at the closing of the New Credit Facilities.

About Ranpak:

Founded in 1972, Ranpak's goal was to create the first environmentally responsible system to protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak is headquartered in Concord Township, Ohio and has approximately 850 employees. Additional information about Ranpak can be found on its website: https://www.ranpak.com/.

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