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Cloverhill Bakery launches $165 million credit facility to investors
By Sara Rosenberg
New York, June 2 - Cloverhill Bakery held a bank meeting on Thursday morning to launch a proposed $165 million credit facility, according to a market source.
GE Capital Markets is the lead bank on the deal.
The facility consists of a $10 million revolver and a $155 million term loan, with both tranches talked at Libor plus 400 basis points to 450 bps with a 1.5% Libor floor and an original issue discount of 99, the source said.
Proceeds will be used to refinance existing debt.
Cloverhill is a Chicago-based pre-packaged pastry company.
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