Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for Flora Food Group > News item |
Flora Food to launch 4.6 billion credit facilities Feb. 19 week
By Sara Rosenberg
New York, Feb. 15 Flora Food Group (currently Unilever spreads) is scheduled to hold a bank meeting in London on Monday and a bank meeting in New York at 10 a.m. ET on Wednesday to launch 4.6 billion equivalent of credit facilities, according to a market source.
The debt is split between a 700 million 6.5-year revolver, a 600 million equivalent U.S. dollar seven-year first-lien term loan, a 2 billion seven-year first-lien term loan, a 500 million equivalent Polish zloty seven-year first-lien term loan and an 800 million equivalent British pound sterling seven-year first-lien term loan, the source said.
Included in the term loans is 101 soft call protection for six months.
Credit Suisse, Deutsche Bank and KKR are the physical bookrunners on the deal. Bookrunners on the deal are BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, Societe Generale and UniCredit. Mandated lead arrangers include Commerzbank, mBank, Mediobanca, Rabobank and Raiffeisen.
Commitments are due at 5 p.m. ET on March 6, the source added.
Expected credit facilities ratings are B1/B+/BB-.
Proceeds will be used to help fund the acquisition of Unilevers spreads business by KKR for 6,825,000,000 on a cash-free, debt-free basis and to refinance existing debt.
Closing is expected by mid-year, subject to certain regulatory approvals and employee consultation in certain jurisdictions.
Flora Food is a butter and margarine company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.