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Milk Specialties flexes $475 million term loan to Libor plus 500 bps
By Sara Rosenberg
New York, Aug. 3 – Milk Specialties Global trimmed pricing on its $475 million seven-year covenant-light first-lien term loan to Libor plus 500 basis points from Libor plus 575 bps, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
The company’s $525 million credit facility (B2/B+) also includes a $50 million revolver.
Commitments are due at noon ET on Thursday, the source added.
Credit Suisse Securities (USA) LLC, RBC Capital Markets, BMO Capital Markets, KeyBanc Capital Markets and Deutsche Bank Securities Inc. are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by American Securities LLC from Kainos Capital.
Milk Specialties is an Eden Prairie, Minn.-based human and animal nutrition company.
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