Hearthside to launch $565 million first-lien term loan on Wednesday

By Sara Rosenberg

New York, Nov. 5 – Hearthside Food Solutions LLC set a lender call for 1 p.m. ET on Wednesday to launch its $565 million add-on first-lien term loan, according to a market source.

Goldman Sachs Bank USA and Barclays are the leads on the deal.

The company also intends to get a $250 million privately placed second-lien term loan.

Proceeds will be used with about $275 million of new cash equity from Charlesbank Capital Partners and Partners Group to fund the acquisition of Greencore USA from Greencore Group plc.

Pro forma net first-lien leverage is 4.7 times, and secured net leverage is 5.4 times.

Hearthside is a Downers Grove, Ill.-based bakery, nutrition bar, snack and customized solutions contract manufacturer for packaged food products. Greencore is a provider of frozen contract packaging and a producer of refrigerated sandwiches, entrees and salad kits.

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