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 sets talk on €4.6 billion equivalent credit facilities
By Sara Rosenberg
New York, Feb. 20 – Flora Food Group (currently Unilever’s spreads business) released price talk on its €4.6 billion equivalent of credit facilities (B1/B+/BB-) that launched with a bank meeting in London on Monday and will launch with a bank meeting in New York at 10 a.m. ET on Wednesday, according to a market source.
The €700 million 6.5-year revolver is talked at Euribor plus 300 basis points with a 0% floor; the €600 million equivalent U.S. dollar seven-year first-lien term loan is talked at Libor plus 325 bps with a 0% Libor floor; the €2 billion seven-year first-lien term loan is talked at Euribor plus 350 bps with a 0% floor; the €500 million equivalent Polish zloty seven-year first-lien term loan is talked at W plus 350 bps with a 0% floor; and the €800 million equivalent British pound sterling seven-year first-lien term loan is talked at Libor plus 400 bps with a 0% floor, the source said.
All of the term loans are talked with an original issue discount of 99.5 and are covenant-light.
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 on March 6.
Proceeds will be used to help fund the acquisition of Unilever’s 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.