Milk Specialties to launch $475 million term loan on Wednesday

By Sara Rosenberg

New York, Jan. 24 – Milk Specialties is scheduled to hold a lender call at 10 a.m. ET on Wednesday to launch a $475 million covenant-light first-lien term loan due Aug. 16, 2023, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The term loan is talked at Libor plus 400 basis points to 425 bps with a 1% Libor floor and a par issue price, the source said.

Included in the term loan is 101 soft call protection for six months.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 500 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Feb. 2, the source added.

Milk Specialties is an Eden Prairie, Minn.-based human and animal nutrition company.

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