Winebow Group updates first- and second-lien term loan pricing

By Sara Rosenberg

New York, June 26 – Winebow Group LLC reduced pricing on its $230 million seven-year first-lien covenant-light term loan (B1/B) to Libor plus 375 basis points from talk of Libor plus 400 bps to 425 bps, and firmed pricing on its $130 million 7½-year second-lien covenant-light term loan (Caa1/CCC+) at Libor plus 750 bps, the low end of the Libor plus 750 bps to 775 bps talk, according to a market source.

Also, the original issue discount on the first-lien term loan was changed to 99½ from 99 and the discount on the second-lien loan was revised to 99¼ from 99, the source said.

In addition, the MFN sunset was eliminated.

Both term loans still have a 1% Libor floor, the first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.

Recommitments are due at noon ET on Friday, the source added.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Winebow Group, a fine wine and craft spirits company, is being created through the merger of Winebow Inc. and the Vintner Group Inc.

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