Aryzta North America widens price talk on first-, second-lien loans

By Sara Rosenberg

New York, April 28 – Aryzta North America (Alpine U.S. Bidco LLC) increased price talk on its $325 million seven-year first-lien term loan (B1/B-) to a range of Libor plus 525 basis points to 550 bps from a range of Libor plus 450 bps to 475 bps, according to a market source.

The company also raised price talk on its $125 million eight-year second-lien term loan (Caa1/CCC+) to a range of Libor plus 875 bps to 900 bps from a range of Libor plus 800 bps to 825 bps, the source said.

In addition, the Libor floor on the first-lien term loan was revised to 0.75% from 0.5% and the original issue discount widened to 98 from 99, and the discount on the second-lien term loan changed to 97 from 98.

Furthermore, the call protection on the first-lien term loan was changed to a 101 hard call for two years from a 101 soft call for six months, and the call protection on the second-lien term loan was modified to a hard call of 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two.

The second-lien term loan still has a 0.75% Libor floor.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Lindsay Goldberg from Aryzta AG.

Closing is subject to customary conditions and regulatory approvals.

Aryzta North America is a provider of frozen baked goods to customers in the quick-service restaurant, foodservice and retail markets.

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