Bettcher Industries updates first- and second-lien term loan pricing

By Sara Rosenberg

New York, Dec. 13 – Bettcher Industries Inc. lowered pricing on its $300 million seven-year first-lien term loan to SOFR plus 400 basis points from talk in the range of SOFR plus 425 bps to 450 bps and firmed pricing on its $85 million eight-year second-lien term loan at SOFR plus 725 bps, the low end of the SOFR plus 725 bps to 750 bps talk, according to a market source.

As before, the first-lien term loan has a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan has a 0.5% floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The company’s $445 million of credit facilities also include a $60 million revolver.

UBS Investment Bank, KKR Capital Markets, RBC Capital Markets, Jefferies LLC, Credit Agricole and SMBC are the joint lead arrangers on the deal, with UBS the left lead on the first-lien and KKR the left lead on the second-lien.

Recommitments were scheduled to be due at 3 p.m. ET on Monday, the source added.

Proceeds will be used to help fund the buyout of the company by KKR from MPE Partners.

Bettcher Industries is a Birmingham, Ohio-based manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables.

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