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Quirch Foods increases add-on term loan amount to $125 million
By Sara Rosenberg
New York, Oct. 14 – Quirch Foods LLC upsized its fungible add-on term loan B due Oct. 27, 2027 to $125 million from $100 million, according to a market source.
Pricing on the add-on term loan and repricing of the company’s existing $471 million term loan B due Oct. 27, 2027 remained at Libor plus 450 basis points with a 1% Libor floor.
The add-on term loan has an original issue discount of 99.5, and the repricing has a par issue price.
The term loan debt has 101 soft call protection for six months.
RBC Capital Markets is the left lead arranger on the deal.
Commitments continued to be due at noon ET on Thursday, the source added.
Proceeds from the add-on term loan will be used to repay borrowings under the company’s ABL facility, and the repricing will take the existing term loan B down from Libor plus 475 bps with a 1% Libor floor.
Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.
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