Quirch Foods launches $100 million term loan B at SOFR plus 450 bps

By Sara Rosenberg

New York, April 11 – Quirch Foods Holdings LLC held a lender call at 1:15 p.m. ET on Monday to launch a fungible up to $100 million add-on term loan B due Oct. 27, 2027 (B3/B) that is talked at SOFR plus 450 basis points with a 1% floor and an original issue discount of 99, according to a market source.

The add-on term loan and existing term loan are getting 101 soft call protection for six months, the source said.

RBC Capital Markets is the lead arranger on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to repay some ABL borrowings.

With this transaction, pricing on the company’s existing $593 million term loan B will change to SOFR plus 450 bps with a 1% floor from Libor plus 450 bps with a 1% Libor floor.

Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.