Trilliant ups term B to $270 million, flexes to Libor plus 400 bps

By Sara Rosenberg

New York, Sept. 25 – Trilliant Food & Nutrition upsized its seven-year covenant-light term loan B to $270 million from $250 million and reduced pricing to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

Also, a pricing step-down was added to Libor plus 375 bps if the corporate family rating is revised to B2/B or greater with a stable outlook by each respective rating agency, the source said.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the lead arrangers on the deal.

Commitments are due at 2 p.m. ET on Tuesday.

Proceeds will be used to help fund a recapitalization with which Blackstone is making an equity investment and, due to the upsizing, to prefund Horseshoe capital expenditures, the source added.

The company also plans on getting an ABL revolver that will be used for working capital and other general corporate purposes.

Trilliant Food is a Little Chute, Wis.-based beverage company.

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