Arnott trims U.S. loan to $400 million, firms at Libor plus 400 bps

By Sara Rosenberg

New York, Oct. 16 – Arnott (Snacking Investments BidCo Pty Ltd.) downsized its U.S. term loan to $400 million from $500 million and upsized its Australian funded term loan to A$450 million from A$300 million, according to a market source.

Also, pricing on the U.S. term loan finalized at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, and the Libor floor was increased to 1% from 0%, the source said.

The U.S. term loan still has an original issue discount of 99 and 101 soft call protection for six months.

The company’s credit facilities (B) also include a $100 million revolver and a A$90 million delayed-draw term loan.

KKR Capital Markets, Jefferies LLC and Barclays are the joint lead arrangers on the deal, with KKR the left lead on the U.S. loan and Jefferies the left lead on the Australian loan.

Proceeds will be used to help fund the buyout of the company by KKR from Campbell Soup Co. for $2.2 billion in cash.

Arnott is a Sydney, Australia-based food company.

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