Upfield finalizes extended U.S. term loan B at SOFR plus 475 bps

By Sara Rosenberg

New York, July 6 – Upfield firmed pricing on its U.S. extended term loan B due January 2028 at SOFR plus 475 basis points, the low end of the SOFR plus 475 bps to 500 bps talk, according to a market source.

In addition, the company set pricing on its euro extended term loan B due January 2028 at Euribor plus 500 bps, the wide end of the Euribor plus 475 bps to 500 bps talk, the source said.

The U.S. and euro term loans still have an original issue discount of 97.5.

Pricing on the company’s sterling extended term loan B due January 2028 firmed in line with talk at Sonia plus 575 bps with an original issue discount of 97.

All of the term loans have 101 soft call protection for six months.

KKR Capital Markets is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Credit Suisse, Goldman Sachs, HSBC Securities, ING, Mizuho, RBC Capital Markets, Societe Generale and UniCredit are joint bookrunners, and Deutsche Bank Securities Inc. is a joint bookrunner on the euro and sterling loans.

Allocations are expected on Friday, the source added.

Proceeds will be used to amend and extend an existing $833 million term loan B due July 2025 that is priced at SOFR plus 300 bps, an existing €2.375 billion term loan B due July 2025 that is priced at Euribor plus 350 bps and an existing £656 million term loan B due July 2025 that is priced at Sonia plus 400 bps.

Upfield is an Amsterdam-based plant-based consumer product company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.