CPM launches $361.8 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, Feb. 14 – CPM Acquisition Corp. launched on Wednesday its $361.8 million covenant-light first-lien term loan due April 2022 with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $381.8 million of credit facilities also include a $20 million revolver due April 2020.

BMO Capital Markets Corp. is the lead arranger on the deal.

Commitments are due at noon ET on Feb. 22.

Proceeds will be used to reprice existing bank debt.

CPM is a supplier of process equipment used for oilseed processing and animal feed production.

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