Smart Balance sets Monday launch for $280 million credit facility

By Sara Rosenberg

New York, June 7 - Smart Balance Inc. has set a bank meeting for Monday to launch its proposed $280 million senior secured credit facility, according to a market source.

BMO Capital Markets and Citigroup Global Markets Inc. are the lead banks on the deal.

The facility consists of a $40 million five-year revolver and a $240 million six-year term loan B.

Proceeds will be used to fund the acquisition of Udi's Healthy Foods LLC for $125 million and to refinance existing outstanding debt.

Pro forma adjusted leverage is 4.4 times.

Closing on the acquisition is expected to take place in July.

Smart Balance is a Paramus, N.J.-based distributor of health foods. Udi's Healthy is a Denver-based maker of gluten-free foods.

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