Manitowoc Foodservice sets lender meeting for $975 million term loan

By Paul A. Harris

Portland, Ore., Jan. 25 – Manitowoc Foodservice Inc. plans to launch a $975 million term loan B to lenders on Tuesday, according to a market source.

J.P. Morgan Securities LLC is leading the deal, which is talked at a 475 basis points spread to Libor with a 1% Libor floor at 98 to 98.5.

The loan features a one-year soft call at 101.

Proceeds will be used to fund the spinoff of the New Port Richey, Fla.-based commercial foodservice equipment company, in a transaction expected to close in February.

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