BakeMark cuts spread on $435 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, Aug. 12 – BakeMark USA LLC (Balrog Acquisition Inc.) reduced pricing on its $435 million seven-year first-lien term loan (B3/B-) to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were scheduled to be due at 11 a.m. ET on Thursday, the source added.

The company’s $680 million of credit facilities also include a $100 million ABL revolver and a $145 million 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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