AdvancePierre firms term loan B repricing at Libor plus 300 bps

By Sara Rosenberg

New York, Dec. 2 – AdvancePierre Foods Holdings Inc. finalized the spread on the repricing of its senior secured covenant-light first-lien term loan B due June 2, 2023 at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

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

Currently, the term loan B is sized at $1,095,000,000, but it will be reduced to $695 million as the company is issuing $400 million of senior notes to repay some of the term loan B debt.

The notes offering was upsized from $350 million, increasing the amount of the term loan B paydown.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Barclays and Credit Suisse Securities (USA) LLC are the joint lead arrangers on the deal.

Consents/recommitments were scheduled to be due at 10 a.m. ET on Friday.

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

Closing is expected during the week of Dec. 5.

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

© 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.