BakeMark talks $435 million first-lien loan at Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 3 – BakeMark USA LLC (Balrog Acquisition Inc.) launched on Tuesday its $435 million seven-year first-lien term loan (B3/B-) with price talk of Libor plus 425 basis points with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Aug. 12.

The company’s $680 million of credit facilities also include a $100 million ABL revolver and a $145 million already privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BMO Capital Markets, Ares, CBAM and Blue Owl are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from Pamplona Capital Management.

BakeMark is a Pico Rivera, Calif.-based manufacturer and distributor of bakery ingredients, products and supplies.

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