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Arterra Wines revises $130 million incremental term loan OID to 99.75
By Sara Rosenberg
New York, May 3 – Arterra Wines Canada Inc. tightened the original issue discount on its fungible $130 million incremental senior secured covenant-light term loan B-1 (B1/B) due Dec 15, 2023 to 99.75 from 99.5, according to a market source.
As before, pricing on the loan is Libor plus 275 basis points with a 1% Libor floor, and it has 101 soft call protection for six months.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Commitments are due at 10 a.m. ET on Friday, accelerated from noon ET on Monday, the source added.
Proceeds will be used to refinance existing second-lien debt and fund cash to the balance sheet for general corporate purposes.
Arterra, formerly known as Constellation Brands Canada, is a Mississauga, Ont.-based producer and distributor of wine brands.
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