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C.J. Foods, AVI-SPL term loan transactions waiting for better conditions
By Sara Rosenberg
New York, March 10 – C.J. Foods Inc.’s term loan B is on hold until market conditions improve, and AVI-SPL decided to postpone syndication of its term loan B but is planning to relaunch the transaction at a later date, according to market sources.
C.J. Foods’ $285 million term loan B (B2/B-) was talked at Libor plus 450 basis points with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Citizens Bank is the lead on the deal.
Proceeds will be used to help fund the acquisition of American Nutrition Inc., an Ogden, Utah-based supplier of dry, canned and baked pet food and treats products.
C.J. Foods, a portfolio company of J.H. Whitney Capital Partners, is a Kansas-based manufacturer of pet food.
AVI-SPL delayed
AVI-SPL’s $370 million seven-year covenant-lite term loan B (B2/B) was postponed with the intention being to relaunch the debt at a later date, according to a market source.
The term loan was talked at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
BofA Securities, Inc., Barclays, Guggenheim, KKR Capital Markets and Macquarie Capital (USA) Inc. are the leads on the deal.
Proceeds will be used to help fund the company’s merger with Whitlock, an existing portfolio company of Marlin Equity Partners.
In conjunction with the merger, Marlin will become the majority shareholder, with H.I.G. Capital coinvesting through a minority equity stake.
AVI-SPL is a Tampa, Fla.-based digital workplace services provider. Whitlock is a Richmond, Va.-based provider of audiovisual and video collaboration solutions.
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