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Quirch launches $100 million add-on, repricing at Libor plus 450 bps
By Sara Rosenberg
New York, Oct. 7 – Quirch Foods LLC launched on Thursday its fungible $100 million add-on term loan B due Oct. 27, 2027 and repricing of its existing $471 million term loan B due Oct. 27, 2027 at talk of Libor plus 450 basis points with a 1% Libor floor, according to a market source.
The add-on term loan is talked with an original issue discount of 99.5 and the repricing is offered at par, the source said.
The term loan debt has 101 soft call protection for six months.
RBC Capital Markets is the left lead arranger on the deal.
Commitments are due at noon ET on Oct. 14, the source added.
Proceeds from the add-on term loan will be used to repay borrowings under the company’s ABL facility, and the repricing will take the existing term loan B down from Libor plus 475 bps with a 1% Libor floor.
Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.
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