Innovation Ventures to launch $500 million term loan on Thursday

By Sara Rosenberg

New York, Aug. 3 – Innovation Ventures LLC is set to hold a bank meeting on Thursday to launch a $500 million five-year term loan, according to a market source.

Bank of America Merrill Lynch and KeyBanc Capital Markets LLC are the leads on the deal.

The term loan includes amortization of 10% per annum and a 50% excess cash flow sweep, the source said.

Proceeds will be used to help fund the purchase of a majority interest in the company by Renew Group Private Ltd. and to refinance existing debt.

Farmington Hills, Mich.-based Innovation Ventures is the producer of 5-hour Energy, a liquid energy shot.

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