AdvancePierre talks $825 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, Sept. 19 - AdvancePierre Foods launched on Wednesday its $825 million 43/4-year covenant-light term loan with price talk of Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

The company's $975 million credit facility also includes a $150 million asset-based revolver.

Proceeds, along with $450 million of senior notes, will be used to refinance debt and fund a dividend.

AdvancePierre is a Cincinnati-based supplier of value-added protein and handheld convenience products to the food service, school, retail, club, vending and convenience store channels.

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