United Natural launches $1.02 billion loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, Jan. 26 – United Natural Foods Inc. was scheduled to hold a lender call at 3 p.m. ET on Tuesday to launch a $1.015 billion first-lien term loan (B2/B) due October 2025 that is talked at Libor plus 350 basis points to 375 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 425 bps with a 0% Libor floor.

United Natural Foods is a Providence, R.I.-based distributor of natural, organic and specialty grocery and non-food products.

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