Luigino's $205 million credit facility launches

By Sara Rosenberg

New York, March 11 - Luigino's Inc. held a bank meeting on Thursday for a proposed $205 million credit facility, according to a market source. Goldman Sachs and NatCity are the lead banks on the deal.

The facility consists of a $30 million revolver with an interest rate of Libor plus 275 basis points and a $175 million term loan with an interest rate of Libor plus 275 basis points, the source said.

Proceeds will be used to refinance debt and to fund a dividend payment.

The company will have 3½ times senior and total leverage, he added.

Luigino's is a Duluth, Minn., frozen prepared foods company.

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