Shearer’s Foods to launch $1.22 billion term loan on Monday

By Sara Rosenberg

New York, Jan. 18 – Shearer’s Foods (Fiesta Purchaser Inc.) is scheduled to hold a lender call at 2 p.m. ET on Monday to launch a $1.22 billion seven-year covenant-lite term loan B, according to a market source.

Deutsche Bank Securities Inc., UBS Investment Bank, Blue Owl, BMO Capital Markets Corp., BNP Paribas Securities Corp., RBC Capital Markets LLC, TD Securities (USA) LLC, Goldman Sachs Bank USA, Rabobank, Citizens, Macquarie Capital (USA) Inc., Mizuho, Natixis and Stifel are the bookrunners on the deal. Deutsche is the administrative agent.

Commitments are due at noon ET on Feb. 1, the source added.

Proceeds will be used to help fund the buyout of the company by Clayton Dubilier & Rice from Ontario Teachers’ Pension Plan Board.

Shearer’s Foods is a Massillon, Ohio-based contract manufacturer and private label supplier serving the snack industry.

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