Jefferies-Led Bank Group Sweetens Terms on Loan for Label Maker
- M2S deal is now offered at 93-94 cents, among 2024’s lowest
- Lenders’ original commitment deadline was nearly 2 weeks ago
This article is for subscribers only.
A group of banks led by Jefferies Financial Group Inc. has sweetened the terms on a proposed $870 million leveraged loan for M2S Group Intermediate Holdings Inc. that failed to price as planned earlier this month.
Price talk on the deal, which S&P Global Ratings said would fund an $575 million acquisition by the label and packaging maker and refinance debt, now includes a margin of 475 basis points above the Secured Overnight Financing Rate, according to a person familiar with the matter. Early discussions were for a spread of 425 to 450 basis points.