Wells Enterprises talks $185 million loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Sept. 10 – Wells Enterprises Inc. launched on Tuesday its $185 million add-on term loan B (BB-) with price talk of Libor plus 300 basis points to 325 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The add-on term loan has 101 soft call protection for six months, the source said.

BMO Capital Markets is the lead arranger on the deal.

Commitments are due at 5 p.m. ET on Sept. 24, the source added.

Proceeds will be used to fund the acquisition of the Halo Top ice cream brand from Eden Creamery LLC.

Closing is expected this month, subject to customary conditions.

The add-on term loan is expected to be fungible with the company’s existing $273 million term loan B due March 2025 that is priced at Libor plus 275 bps with a 0% Libor floor.

Wells Enterprises is a Le Mars, Iowa-based ice cream and frozen treat manufacturer.

© 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.