CSM Bakery Supplies to launch $1 billion credit facility on Wednesday

By Sara Rosenberg

New York, May 6 - CSM Bakery Supplies is set to hold a bank meeting at 1:30 p.m. ET in New York on Wednesday to launch a $1 billion senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets and MCS Capital Markets LLC are the joint lead arrangers on the deal.

The facility consists of a $150 million five-year asset-based revolver, a $650 million seven-year first-lien term loan and a $200 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the €1.05 billion acquisition of CSM Bakery Supplies by Rhone Capital LLC from CSM NV, refinance existing debt and pay related fees and expenses.

Closing is expected in the third quarter, subject to regulatory clearance.

CSM Bakery is a supplier of bakery products.

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