Golden State Foods $195 million loan priced at Libor plus 250 bps across the board

By Sara Rosenberg

New York, Jan. 21 - Golden State Foods' proposed $195 million credit facility is priced at Libor plus 250 basis points on both pro rata tranches as well as on the institutional tranche, a source close to the deal told Prospect News Wednesday.

The facility consists of a $30 million five-year revolver, a $30 million five-year term loan A and a $135 million seven-year term loan B, the source said.

SunTrust is the lead bank on the deal, which is scheduled to launch via a bank meeting on Jan. 28.

Proceeds will be used to help support the company's leveraged buyout. The Yucaipa Cos. LLC currently own 50% of Golden State Foods. The remaining half is owned by Wetterau Associates and management. Under this transaction, Wetterau and management are buying out Yucaipa's ownership, the source explained.

Golden State Foods is an Irvine, Calif., food processor and distributor.

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