Manitowoc Foodservice finalizes $975 million term loan B at 98 OID

By Sara Rosenberg

New York, Feb. 5 – Manitowoc Foodservice Inc. firmed the original issue discount on its $975 million term loan B (B+) at 98, the wide end of the 98 to 98.5 talk, according to a market source.

Pricing on the loan is still Libor plus 475 basis points with a 1% Libor floor, and there is still 101 soft call protection for one year.

J.P. Morgan Securities LLC and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to help fund the spinoff of the company from Manitowoc Co. Inc.

Closing is expected this month.

Manitowoc Foodservice is a New Port Richey, Fla.-based commercial foodservice equipment company.

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