CTI Foods to launch $45 million incremental term loan B on Monday

By Sara Rosenberg

New York, Dec. 7 - CTI Foods LLC is scheduled to hold a conference call at 1 p.m. ET on Monday to launch a $45 million incremental term loan B due June 2015, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Pricing on the loan is Libor plus 350 basis points with a 1.5% Libor floor and an original issue discount that is still to be determined, the source said.

The spread and floor match existing term loan pricing.

Proceeds will be used to fund the acquisition of Custom Food Products, a Carson, Calif.-based developer and manufacturer of protein ingredients serving the foodservice and branded packaged foods market.

CTI is a Wilder, Idaho-based provider of food products to national chain restaurants.

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