Sovos Brands launches $380 million loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Oct. 13 – Sovos Brands Intermediate Inc. held a lender call at 10:30 a.m. ET on Tuesday to launch a $380 million seven-year covenant-lite first-lien term loan (B) that is talked at Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 99, 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.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Oct. 22, the source added.

Proceeds will be used to refinance existing debt and to fund the acquisition of Birch Benders LLC, a Denver-based producer of pancake and waffle mixes, toaster waffles, and pancake and baking cups.

Closing is expected by the end of this month.

Sovos, an Advent International portfolio company, is a Berkeley, Calif.-based food company.

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