Ferrara Candy launches $40 million add-on term loan at OID of 98

By Sara Rosenberg

New York, March 10 – Ferrara Candy Co. launched on Tuesday its fungible $40 million add-on first-lien covenant-light term loan due June 2018 with original issue discount talk of 98, according to a market source.

Pricing on the add-on term loan is Libor plus 625 basis points with a 1.25% Libor floor, the source said.

Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal.

Proceeds will be used to pay down ABL credit facility borrowings.

Commitments are due on Friday, the source added.

Ferrara Candy is a confectionery and candy manufacturer.

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