Hearthside launches $400 million credit facility at Libor plus 450 bps

By Sara Rosenberg

New York, May 9 - Hearthside Food Solutions LLC launched its $400 million credit facility on Wednesday with price talk of Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The facility consists of a $30 million five-year revolver, a $30 million six-year delayed draw term loan that is available for one year and a $340 million six-year term loan B.

The revolver has a 50 bps unused fee and the delayed-draw term loan has a 100 bps unused fee, the source said.

GE Capital Markets and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a small dividend.

Hearthside is a Downers Grove, Ill.-based bakery and a full-service contract manufacturer of grain-based food and snack products.

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