Trilliant Food launches $270 million term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 22 – Trilliant Food & Nutrition was scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a $270 million covenant-light term loan B (B3/B-) due Sept. 22, 2024 with price talk of Libor plus 325 basis points to 350 bps with a 25 bps step-down if the corporate family rating is revised to B2/B or greater with at least a stable outlook, a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Mandatory prepayments are from 100% of net proceeds from non-ordinary course asset sales (including insurance proceeds) and non-permitted debt issuance, stepping down to 75% if first-lien leverage is less than 4 times, and there is an excess cash flow sweep of 50%, stepping down to 25% when first-lien net leverage is 4 times and 0% when first-lien net leverage is 3.5 times.

Wells Fargo Securities LLC is the lead arranger on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Commitments are due at noon ET on Wednesday, the source added.

Blackstone is the sponsor.

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

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