Kettle Cuisine talks $240 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Aug. 2 – Kettle Cuisine launched at its bank meeting on Thursday a $240 million seven-year covenant-light first-lien term loan with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

The company’s $361.5 million of credit facilities also include a $50 million five-year revolver and a $71.5 million pre-placed second-lien term loan.

BNP Paribas Securities Corp. is the lead bank on the deal.

Commitments are due on Aug. 16, the source added.

Proceeds will be used to fund the merger of Kettle Cuisine with Bonewerks Culinarte, both of which are owned by Kainos Capital.

Kettle Cuisine is a Lynn, Mass.-based manufacturer of soups prepared in refrigerated and frozen formats. Bonewerks Culinarte is a Green Bay, Wis.-based producer of demi-glace, sauces and sous-vide entrees.

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