Kettle Cuisine flexes $240 million term loan to Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 20 – Kettle Cuisine reduced pricing on its $240 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

As before, the first-lien term loan has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $361.5 million of credit facilities also include a $50 million five-year revolver and a $71.5 million pre-placed second-lien term loan.

BNP Paribas Securities Corp. is the lead bank on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to fund the merger of Kettle Cuisine with Bonewerks Culinarte, both of which are owned by Kainos Capital.

Kettle Cuisine is a Lynn, Mass.-based manufacturer of soups prepared in refrigerated and frozen formats. Bonewerks Culinarte is a Green Bay, Wis.-based producer of demi-glace, sauces and sous-vide entrees.

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