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Chobani cuts spread on $550 million term loan B to SOFR plus 375 bps
By Sara Rosenberg
New York, Dec. 12 – Chobani LLC reduced pricing on its non-fungible $550 million incremental term loan B due Oct. 23, 2027 (B1/B-) to SOFR plus 375 basis points from talk in the range of SOFR plus 400 bps to 425 bps, according to market sources.
Also, the original issue discount talk on the term loan was changed to a range of 99.25 to 99.5 from 98.5, and finalized at 99.5 after the noon ET commitment deadline passed on Tuesday, sources said.
As before, the term loan has a 0% floor, 101 soft call protection for six months, and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.
BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and TD Securities (USA) LLC are the arrangers on the deal.
Proceeds are intended to be used to finance an acquisition, but if the acquisition does not close, the proceeds will be used to repay senior notes due 2025 at par plus all associated fees and expenses.
Chobani is a New York food and beverage company known for Greek Yogurt.
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