Sovos Brands accelerates first-lien term loan commitment deadline

By Sara Rosenberg

New York, May 28 – Sovos Brands Intermediate Inc. moved up the commitment deadline for its $580 million seven-year covenant-lite first-lien term loan (B2/B) to 5 p.m. ET on Wednesday from noon ET on June 4, according to a market source.

Talk on the first-lien term loan is Libor plus 475 basis points with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The company is also getting a $200 million privately placed second-lien term loan (CCC+).

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal that will be used to repay existing debt and fund a distribution to shareholders.

Sovos is a Berkeley, Calif.-based food company.

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