Solina changes $420 million term loan B OID to 99.5

By Sara Rosenberg

New York, March 1 – Solina (Saratoga Food Specialties LLC) revised the original issue discount talk on its $420 million five-year first-lien term loan B (B) to a range of 99.25 to 99.5 from 99 and then finalized the discount at 99.5, according to a market source.

Pricing on the term loan remained at SOFR plus 375 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months.

BofA Securities Inc., Natixis, Credit Agricole, JPMorgan Chase Bank, NatWest and SMBC are the arrangers on the deal.

Proceeds will be used to refinance the company’s existing $320 million term loan, to finance the acquisition of the Oscar and Puljonki brands from the Nestle Group, to acquire the outstanding minority shares of Zafron, to pre-fund identified strategic capital expenditures and to pay associated fees and expenses.

Solina is a savory ingredient solutions provider to the food industry.

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