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Ferrara Candy sets Wednesday launch for $550 million credit facility
By Sara Rosenberg
New York, May 25 - Ferrara Candy Co. Inc. has scheduled a bank meeting for 1:30 p.m. ET on Wednesday to launch its proposed $550 million credit facility, according to a market source.
Morgan Stanley Senior Funding Inc. and Goldman Sachs & Co. are the lead banks on the deal.
The facility consists of a $125 million asset-based revolver and a $425 million term loan (B2/B), the source said.
Proceeds will be used to fund the creation of the company through the merger of Round Lake, Minn.-based Farley's & Sathers Candy Co. Inc. and Forest Park, Ill.-based Ferrara Pan Candy Co. Inc.
Catterton Partners, which owns Farley's & Sathers, will remain as a majority investor in the combined company.
Closing is subject to applicable regulatory approval and satisfaction of other customary conditions.
Ferrara Candy is a general line candy manufacturer.
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