Quirch Foods lifts add-on term loan to $125 million, adds CSA

By Sara Rosenberg

New York, April 14 – Quirch Foods Holdings LLC upsized its fungible add-on term loan B due Oct. 27, 2027 (B3/B) to $125 million from $100 million, according to a market source.

Also, the company added CSA of 11.448 basis points one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, the source said.

Pricing on the add-on term loan remained at SOFR plus 450 bps with a 1% floor and an original issue discount of 99.

The add-on term loan and existing term loan are still getting 101 soft call protection for six months.

RBC Capital Markets is the lead arranger on the deal.

Proceeds will be used to repay some ABL borrowings.

With this transaction, pricing on the company’s existing $593 million term loan B will migrate to SOFR+CSA plus 450 bps with a 1% floor from Libor plus 450 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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