Quirch Foods readies launch of $475 million term loan B for Tuesday

By Sara Rosenberg

New York, Oct. 1 – Quirch Foods LLC is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a $475 million first-lien term loan B, according to a market source.

RBC Capital Markets is the left lead arranger on the deal.

The company also plans on getting a $200 million ABL facility.

Proceeds will be used to help fund the acquisition of Colorado Boxed Beef Co. from Altamont Capital Partners.

Other funds for the transaction will come from equity from Palladium Equity Partners, Quirch Foods’ current sponsor, and rollover equity from Colorado Boxed Beef management and Altamont.

Closing is expected this month.

Currently, Quirch Foods has a $163 million first-lien term loan B priced at Libor plus 575 basis points with a step-up to Libor 600 bps based on leverage.

Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores. Colorado Boxed Beef is a Lakeland, Fla.-based protein supplier to chain grocery stores, foodservice distributors and other customers in large markets.

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