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Mastronardi ups term B to $350 million, flexes to Libor plus 325 bps
By Sara Rosenberg
New York, April 18 – Mastronardi Produce upsized its seven-year covenant-light term loan B to $350 million from $330 million and reduced pricing to Libor plus 325 basis points from talk in the range of Libor plus 350 bps to 375 bps, according to a market source.
Also, the original issue discount on the term loan B was tightened to 99.75 from 99.5, the source said.
The term loan B still has a 0% Libor floor and 101 soft call protection for six months.
Bank of America Merrill Lynch, BMO Capital Markets and Rabobank are the lead arrangers on the deal.
Commitments were due at noon ET on Wednesday, the source added.
Proceeds from the new senior secured credit facilities will be used to refinance the company’s existing cash-flow revolver, term loan A and other debt.
Mastronardi is a grower and distributor of greenhouse-grown produce to retailers.
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