Wawona/Gerawan talks $335 million term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, July 16 – Wawona Packing Co./Gerawan Farming (MVK Intermediate Holdings LLC) launched on Tuesday its $335 million first-lien term loan with price talk of Libor plus 475 basis points to 500 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, the source said.

The company’s $395 million of OpCo credit facilities (B2/B+) also include a $60 million revolver.

RBC Capital Markets Corp., Rabobank and Jefferies LLC are the joint lead arrangers on the deal.

Commitments are due at 5 p.m. ET on July 29, the source added.

Proceeds will be used to help fund the merger of Wawona Packing, an existing Paine Schwartz Partners portfolio company, and Gerawan Farming.

Closing is expected on Aug. 1.

Cutler, Calif.-based Wawona Packing and Fresno, Calif.-based Gerawan Farming are fresh fruit companies.

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