Milk Specialties sets $475 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 2 – Milk Specialties firmed pricing on its $475 million covenant-light first-lien term loan due Aug. 16, 2023 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

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

Commitments were scheduled to be due at 5 p.m. ET on Thursday.

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

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

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