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American Seafoods launches $100 million term A at Libor plus 275 bps
By Sara Rosenberg
New York, March 1 - American Seafoods Group LLC launched its $100 million term loan A on Tuesday with price talk of Libor plus 275 basis points, according to a market source.
Proceeds from the term loan A will be used to repay term loan B borrowings, bringing the B loan down to a size of $282 million, and then the smaller B tranche is being repriced.
The repricing of the $282 million term loan B was launched, as expected, at talk of Libor plus 300 bps with a 1.25% Libor floor and a par offer price.
When completed in 2010 as part of a refinancing transaction, pricing on the term loan B was Libor plus 400 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 99. The tranche was originally sized at $390 million.
Bank of America Merrill Lynch is the lead bank on the deal.
American Seafoods is a Seattle-based harvester, processor, preparer and supplier of seafood.
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