Solina’s Saratoga Food Specialties talks $420 million term loan B at SOFR plus 375 bps, 99 OID

By Paul A. Harris

Portland, Ore., Feb. 20 – Saratoga Food Specialties LLC, which was acquired by Solina in 2022, talked its $420 million five-year first-lien term loan B with a 375 basis points spread to SOFR, with no floor, at 99, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 29.

The deal will come with six months of soft call protection at 101.

BofA is the left arranger. Natixis, Credit Agricole CIB, JPMorgan, NatWest and SMBC are also arrangers.

Proceeds will be used to refinance the $320 million term loan facility outstanding, as well as to finance the acquisition of the Oscar and Puljonki brands from the Nestle Group, to acquire the outstanding minority shares of Zafron Foods (UK) and to prefund identified strategic capital expenditures.

The borrower is a supplier of seasonings, sauces, dressings and glazes to quick-service restaurants and food manufacturers.

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