Fresh Start Bakeries to launch $335 million credit facility on Friday

By Sara Rosenberg

New York, Sept. 7 - Fresh Start Bakeries Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $335 million credit facility, according to a market source.

JPMorgan is the lead bank on the deal.

The facility consists of a $40 million revolver, a $215 million first-lien term loan talked at Libor plus 250 basis points and an $80 million second-lien term loan talked at Libor plus 600 bps, the source said.

Proceeds will be used to fund the acquisition of Pennant Foods and to refinance existing debt.

Fresh Start Bakeries is a Brea, Calif., supplier of bakery and food products to the McDonald's system and the food industry.

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