Boulder Brands launches credit facility upsizing, term B repricing

By Sara Rosenberg

New York, July 11 – Boulder Brands Inc. held its call on Friday, launching a $40 million upsizing to its term loan B, as well as a repricing of the existing debt and a $40 million upsizing to its revolving credit facility, according to a market source.

RBC Capital Markets, Citigroup Global Markets Inc., BMO Capital Markets and Barclays are the lead banks on the deal.

The term loan B would total $290 million, up from $250 million, and the revolver would total $120 million, up from $80 million, the source said.

Price talk on the term loan B is Libor plus 350 basis points with a leveraged-based grid that has step-ups and a 1% Libor floor, versus current pricing of Libor plus 400 bps with a 1% Libor floor, the source continued.

In addition, the company is looking to amend its credit facility to allow for acquisition flexibility.

Lenders are being offered a 25 bps upfront fee on the new money and a 25 bps amendment fee, the source added.

Commitments are due on July 23.

Pro forma ratings are unchanged at B1/B+.

Boulder Brands, previously known as Smart Balance Inc., is a Paramus, N.J.-based health and wellness food company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.