American Italian Pasta gets $295 million credit facility

By Sara Rosenberg

New York, March 15 - American Italian Pasta Co. closed on a new $295 million five-year senior credit facility, according to a company news release.

Bank of America was arranger and is the administrative agent on the deal.

The facility consists of a $265 million term loan and a $30 million revolver, with both tranches priced at Libor plus 600 basis points.

The new facility replaces a $290 million senior credit facility that would have expired on Oct. 2.

As a result of this refinancing, the company is no longer in default of its prior credit agreement and is in compliance with all covenant requirements.

American Italian is a Kansas City, Mo.-based producer and marketer of dry pasta.

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