Gold Standard flexes $109 million term loan to Libor plus 450 bps

By Sara Rosenberg

New York, May 1 – Gold Standard Baking lowered pricing on its $109 million term loan to Libor plus 450 basis points from Libor plus 475 bps and added a leverage-based step-down to Libor plus 425 bps, according to a market source.

The term loan still has a 1% Libor floor and an original issue discount of 99.

Soft call protection on the term loan is 101 for six months.

The company’s $139 million credit facility also includes a $30 million revolver.

Recommitments are due on Monday, the source said.

BNP Paribas Securities Corp. is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Tricor Pacific Capital from Arbor Investments.

Other funds for the transaction will come from $27 million of mezzanine debt.

Gold Standard Baking is a Chicago-based baked goods supplier.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.