E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/31/2016 in the Prospect News Bank Loan Daily.

Ferrara Candy launches $500 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, May 31 – Ferrara Candy Co. Holdings Inc. launched on Tuesday its $500 million seven-year senior secured first-lien covenant-light term loan B (B2/B) with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Morgan Stanley Senior Funding Inc. is the lead arranger on the deal.

Commitments are due on June 9, the source added.

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

Ferrara Candy is an Oakbrook Terrace, Ill.-based confectionery and candy manufacturer.


© 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.