Earthbound sets spread on $225 million term B at Libor plus 400 bps

By Sara Rosenberg

New York, March 22 - Earthbound Farm firmed pricing on its $225 million term loan B at Libor plus 400 basis points, the tight end of the Libor plus 400 bps to 425 bps talk, according to a market source.

As before, the loan has a 1.5% Libor floor, a par offer price and 101 soft call protection for one year.

RBC Capital Markets is the lead bank on the deal.

Proceeds are being used to reprice an existing term loan B that was obtained late last year as part of a dividend recapitalization.

Pricing on the existing B loan is Libor plus 500 bps with a 1.75% Libor floor, and it was sold at a discount of 981/2.

Earthbound Farm is a San Juan Bautista, Calif.-based organic food company.

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