Otis Spunkmeyer launches new $160 million credit facility via JP Morgan, Merrill

By Paul A. Harris

St. Louis, May 26 - Otis Spunkmeyer Inc. launched a $160 million credit facility on Wednesday, according to an informed source.

JP Morgan and Merrill Lynch & Co. are leading the refinancing deal.

The facility is comprised of a $140 million 6.5-year term loan B and a $20 million six-year revolver.

The pricing level on both components is Libor plus 375 basis points.

The San Leandro, Calif.-based company provides baked goods to convenience stores, supermarkets, restaurants and food service distributors.

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