Hearthside firms $70 million add-on term loan B at par issue price

By Sara Rosenberg

New York, Nov. 8 – Hearthside Group Holdings LLC finalized the issue price on its fungible $70 million add-on term loan B due June 2, 2021 at par, the tight end of the 99.75 to par talk, according to a market source.

Like the existing term loan, the add-on term loan is priced at Libor plus 300 basis points with a 1% Libor floor.

Barclays is the bookrunner on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Thursday, the source said.

Proceeds will be used to help fund the acquisition of Standard Functional Foods Group, a Nashville-based contract manufacturer of nutritional and functional bars, from Standard Candy Co. and to pay related fees and expenses.

Closing is subject to regulatory approval and customary conditions.

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

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