Caribou Coffee seeks $375 million facility at Libor plus 150 bps

By Sara Rosenberg

New York, Jan. 8 – Caribou Coffee Co. is in market with a $375 million credit facility that is talked at Libor plus 150 basis points, according to a market source.

The facility is split between a $275 million five-year revolver and a $100 million six-year term loan A, the source said.

Rabobank is the lead on the deal that launched with a bank meeting on Tuesday.

Commitments are due on Jan. 22, the source added.

Proceeds will be used to back the recently completed acquisition of Einstein Noah Restaurant Group Inc. and to refinance existing debt.

Caribou is a Minneapolis-based branded coffee company. Einstein Noah is an operator of bagel bakeries.

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