Aryzta North America to launch $450 million of term loans Wednesday

By Sara Rosenberg

New York, April 13 – Aryzta North America (Alpine U.S. Bidco LLC) is scheduled to hold a lender call on Wednesday to launch $450 million of term loans, according to a market source.

JPMorgan Chase Bank is the lead on the deal.

The debt consists of a $325 million seven-year first-lien term loan (B1/B-) and a $125 million eight-year second-lien term loan (Caa1/CCC+), the source said.

Price talk on the first-lien term loan is Libor plus 450 basis points to 475 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 800 bps to 825 bps with a 0.75% Libor floor and a discount of 98, the source continued.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on April 26, the source added.

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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