CPM lifts term loan to $1.22 billion, flexes to SOFR plus 450 bps

By Sara Rosenberg

New York, Sept. 22 – CPM Holdings Inc. upsized its five-year first-lien term loan (B2/B) to $1.215 billion from $1.13 billion and lowered pricing to SOFR plus 450 basis points from SOFR plus 475 bps, according to a market source.

Furthermore, the original issue discount on the term loan was tightened to 98.5 from 98, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Jefferies LLC, Goldman Sachs Bank USA, BMO Capital Markets, KeyBanc Capital Markets, KKR Capital Markets, Stifel and Blue Owl are the arrangers on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt and make a one-time distribution to shareholders. The distribution was increased with the additional term loan funds raised.

CPM is a provider of highly engineered processing and automation equipment, aftermarket parts and service with exposure to attractive megatrends.

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