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Shearer's Foods to launch $139 million credit facility on Thursday
By Sara Rosenberg
New York, March 2 - Shearer's Foods Inc. is scheduled to hold a bank meeting on Thursday to launch a $139 million credit facility, according to a market source.
Jefferies and BMO are the lead banks on the deal, with Jefferies the left lead.
The facility consists of a $20 million revolver and a $119 million term loan, which are being talked at Libor plus 475 basis points with a 2% Libor floor and an original issue discount of 98, the source said.
Proceeds will be used to help fund the acquisition of Snack Alliance Inc., a contract pack and private label snack producer.
Shearer's, which is majority owned by Mistral Equity Partners, is a Brewster, Ohio-based producer and distributor of contract pack and private label seasoned snack foods.
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