Milk Specialties firms spread on term loans at Libor plus 575 bps

By Sara Rosenberg

New York, Nov. 7 - Milk Specialties Global finalized pricing on its $250 million term loan B and $30 million delayed-draw term loan at Libor plus 575 basis points, the tight end of the Libor plus 575 bps to 600 bps talk, according to a market source.

The 1.25% Libor floor, original issue discount of 99 and 101 soft call protection for one year were left unchanged.

The company's $315 million credit facility (B2/B) also includes a $35 million revolver.

RBC Capital Markets LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt, including a first-lien term loan that will be repaid at par.

Milk Specialties is an Eden Prairie, Minn.-based manufacturer of nutrition products.

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