Schiff Nutrition Group completes $200 million credit facility

By Sara Rosenberg

New York, April 2 - Schiff Nutrition Group Inc. closed on a new $200 million credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

RBC Capital Markets acted as the sole lead arranger on the deal that was completed on March 30 and a joint bookrunner with BMO Capital Markets.

The facility consists of a $50 million five-year revolver and a $150 million seven-year term loan, with both tranches priced at Libor plus 475 basis points.

The term loan has a 1.25% Libor floor, and it amortizes at 1% per annum, with the balance due at maturity.

Covenants include an interest coverage ratio of 3.50 to 1.00 and a total leverage ratio of 4.25 to 1.00.

Proceeds were used to fund the $150 million acquisition of Airborne Inc.

Schiff is a Salt Lake City-based nutritional supplement company.

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