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Ferrara Candy launches $500 million term loan at Libor plus 475 bps
By Sara Rosenberg
New York, May 31 – Ferrara Candy Co. Holdings Inc. launched on Tuesday its $500 million seven-year senior secured first-lien covenant-light term loan B (B2/B) with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Morgan Stanley Senior Funding Inc. is the lead arranger on the deal.
Commitments are due on June 9, the source added.
Proceeds will be used to refinance existing debt and to pay a dividend to existing shareholders.
Ferrara Candy is an Oakbrook Terrace, Ill.-based confectionery and candy manufacturer.
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