CPM Acquisition firms $361.8 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 21 – CPM Acquisition Corp. set pricing on its $361.8 million covenant-light first-lien term loan due April 2022 at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

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

The company’s $381.8 million of credit facilities also include a $20 million revolver due April 2020.

BMO Capital Markets Corp. and Morgan Stanley Senior Funding Inc. are the joint lead arrangers on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Wednesday, accelerated from noon ET on Thursday, the source added.

Proceeds will be used to reprice existing bank debt.

CPM is a supplier of process equipment used for oilseed processing and animal feed production.

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