Hearthside Food revises $100 million term loan B-3 OID to 98

By Sara Rosenberg

New York, June 4 – Hearthside Food Solutions LLC (H-Foods Holdings LLC) tightened the original issue discount on its non-fungible $100 million incremental first-lien term loan B-3 due May 2025 to 98 from talk in the range of 96 to 97, according to a market source.

Pricing on the incremental term loan remained at Libor plus 500 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for one year, 50 bps MFN for 24 months and amortization of 1% per annum.

Security is a first priority lien on substantially all assets and stock of the borrowers and the U.S. borrowers of domestic subsidiaries and Dutch subsidiaries subject to some exceptions.

Barclays is the left lead bookrunner and administrative agent on the deal.

Commitments continued to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to repay revolving credit facility borrowings.

Hearthside is a Downers Grove, Ill.-based manufacturer of food and snack products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.