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CTI Foods shops $160 million credit facility
By Sara Rosenberg
New York, May 11 - CTI Foods Holding Co. LLC is in-market with a $160 million credit facility that will be used to refinance existing bank debt and fund a dividend payment, according to a market source.
JPMorgan is the sole lead bank on the deal.
The facility, which launched on Monday, consists of a $115 million seven-year second-lien term loan (B2/B) talked at Libor plus 600 basis points and a $45 million revolving credit facility, the source said.
The second-lien term loan contains call protection of 102 in year one and 101 in year two.
CTI Foods is a Wilder, Idaho, manufacturer of processed food items for the restaurant industry.
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