Manitowoc Foodservice wraps $825 million term B at Libor plus 300 bps

By Sara Rosenberg

New York, March 6 – Manitowoc Foodservice Inc. lowered pricing on its $825 million term loan B to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

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

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