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Michael Foods holds lender call on repricing amendment
By Sara Rosenberg
New York, Sept. 9 - Michael Foods Inc. held a conference call on Thursday asking lenders to amend its $591.3 million senior secured credit facility to lower pricing on the loan from current pricing of Libor plus 250 basis points, a company spokesman told Prospect News.
Furthermore, the company is looking to amend both the senior secured credit facility as well as the $135 million senior unsecured term loan to allow for some cash on the balance sheet to be distributed to parent company M-Foods Holdings Inc., for distribution to equity holders and to allow for future financings by M-Foods.
Consents are due from lenders next week with closing targeted for the week of Sept. 20, the spokesman said.
In order for the amendment to pass, the company needs approval from 51% of its bank debt holders.
Bank of America is the lead bank on the deal.
Michael Foods is a Minnetonka, Minn., diversified food processor and distributor.
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