Flavors Holdings to launch $490 million credit facility on Friday

By Sara Rosenberg

New York, Sept. 11 – Flavors Holdings Inc. will hold a bank meeting at 10 a.m. ET in New York on Friday to launch a $490 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC, Deutsche Bank Securities Inc. and PNC Capital Markets are the lead banks on the deal.

The facility consists of a $50 million revolver, a $365 million six-year first-lien term loan and a $75 million seven-year second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Proceeds will be used to fund the acquisition of Merisant Co., a producer of low-calorie tabletop sweeteners, by Mafco Worldwide, a Camden, N.J.-based manufacturer of licorice extract and related derivatives for use as flavoring and moistening agents.

Commitments are due on Sept. 26, the source added.

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