Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for City Brewing Co. LLC > News item |
City Brewing cuts spread on $850 million term B to Libor plus 350 bps
By Sara Rosenberg
New York, March 31 – City Brewing Co. LLC trimmed pricing on its $850 million seven-year term loan B (B1/B+) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.
Additionally, the original issue discount talk on the term loan was revised to a range of 99 to 99.5 from just 99, and then firmed later in the day at 99.5, the source said.
The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.
Proceeds will be used to help fund the buyout of the company by a consortium of investors, including Charlesbank Capital Partners, Oaktree Capital Management LLC and Blue Ribbon Partners LLC, to refinance existing debt and to fund capital expenditures.
Closing is expected in April.
City Brewing is a manufacturer of alcoholic and non-alcoholic beverages.
© 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.