North American Breweries talks term loan at Libor plus 575-600 bps

By Sara Rosenberg

New York, Nov. 20 - North American Breweries Holdings LLC (CCR American Breweries Inc.) launched on Tuesday its $175 million six-year term loan that is talked at Libor plus 575 basis points to 600 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for one year.

Amortization is 5% per annum, the source said.

The company's $190 million credit facility also includes a $15 million ABL revolver.

Commitments are due at noon ET on Dec. 5.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of the company by Cerveceria Costa Rica SA, a subsidiary of Florida Ice and Farm Co. SA, for $388 million in cash from KPS Capital Partners LP.

Closing is expected this quarter, subject to customary conditions.

North American Breweries is a Rochester, N.Y.-based beer company. Cerveceria Costa Rica is a brewery in San Jose, Costa Rica.

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