Aryzta North America finalizes first- and second-lien pricing

By Sara Rosenberg

New York, April 29 – Aryzta North America (Alpine U.S. Bidco LLC) firmed pricing on its $325 million seven-year first-lien term loan (B1/B-) at Libor plus 525 basis points, the low end of revised talk of Libor plus 525 bps to 550 bps and higher than initial talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

Also, pricing on the company’s $125 million eight-year second-lien term loan (Caa1/CCC+) finalized at Libor plus 900 bps, the high end of revised talk of Libor plus 875 bps to 900 bps and up from initial talk in the range of Libor plus 800 bps to 825 bps, the source said.

The first-lien term loan has a 0.75% Libor floor, an original issue discount of 98 and 101 hard call protection two years, and the second-lien term loan has a 0.75% Libor floor, a discount of 97 and hard call protection of 103 in year one, 102 in year two and 101 in year three.

Earlier in syndication, the Libor floor on the first-lien term loan was revised from 0.5%, the discount widened from 99 and the call protection was changed from a 101 soft call for six months, and the discount on the second-lien term loan was modified from 98 and the call protection was sweetened from 102 in year one and 101 in year two.

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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