AdvancePierre launches term B repricing at Libor plus 300-325 bps

By Sara Rosenberg

New York, Nov. 29 – AdvancePierre Foods Holdings Inc. launched on Tuesday the repricing of its senior secured covenant-light first-lien term loan B due June 2, 2023 at talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par issue price, according to a market source.

The repriced loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Currently, the term loan B is sized at $1,095,000,000 but it is expected to be reduced to $745 million as the company plans on issuing $350 million of senior notes to repay some of the term loan B debt.

Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal.

Consents/commitments are due at 10 a.m. ET on Friday, the source said.

The repricing will take the term loan B down from Libor plus 350 bps with a 1% Libor floor.

AdvancePierre is a Cincinnati-based producer and distributor of ready-to-eat sandwiches, sandwich components and other entrees and snacks to distribution outlets.

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