Francis Coppola Winery seeks $97.5 million credit facility

By Sara Rosenberg

New York, March 2 - Francis Coppola Winery is in market with a new $97.5 million credit facility, according to a market source.

BMO Capital Markets is leading the deal that was launched with a bank meeting on Feb. 19 and is being marketed to banks.

The facility consists of a $55 million revolver, a $27.5 million term loan A and a $15 million 18-month delayed-draw term loan, the source said.

All tranches are being talked at Libor plus 375 basis points, and there is a 75 bps fee on undrawn funds.

Banks are being offered tiered upfront fees for committing to the deal.

Proceeds will be used to refinance existing debt and support capital expenditures. The delayed-draw term loan will back capital expenditures, including a renovation project at the company's Geyserville, Calif., winery.

Closing is targeted for March 13 and should at the most only take till the end of the month, the source added.

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