Wells Enterprises talks $175 million loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 8 – Wells Enterprises Inc. launched on Thursday its $175 million covenant-light term loan (B1/BB) due 2025 with price talk of Libor plus 300 basis points to 325 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

BMO Capital Markets is the lead arranger on the deal.

Commitments are due at 5 p.m. ET on March 22, the source added.

Proceeds will be used to refinance existing debt.

Wells Enterprises is a Le Mars, Iowa-based family owned ice cream and frozen treat manufacturer.

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