Sovos Brands wraps $280 million term loan B at Libor plus 500 bps

By Sara Rosenberg

New York, Nov. 19 – Sovos Brands completed syndication of a $280 million term loan B at pricing of Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The company’s $330 million of credit facilities (B3/B-) also include a $50 million revolver.

Credit Suisse Securities (USA) LLC is the lead on the deal that allocated on Friday.

Proceeds will be used to help fund the acquisition of noosa yoghurt LLC, refinance existing debt and pay transaction fees and expenses.

Sovos Brands, an Advent International portfolio company, is a Berkeley, Calif.-based food and beverage company. noosa, also an Advent portfolio company, is a yoghurt manufacturer.

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