Whole Earth Brands details $235 million credit facilities via TD Bank

By Sara Rosenberg

New York, Dec. 20 – Whole Earth Brands (Act II Global Acquisition Corp.) has received a commitment for $235 million of credit facilities to help fund its formation through the acquisitions of Merisant Co. and Mafco Worldwide LLC by Act II Global Acquisition Corp., according to a company presentation.

TD Bank is the lead on the debt.

The facilities consist of a $50 million revolver, under which $5 million is expected to be drawn at closing, and a $185 million term loan A.

Other funds for the transaction will come from cash on hand.

As previously reported, Merisant and Mafco are being bought from MacAndrews & Forbes Inc. for $450 million in cash and 6 million shares of class A ordinary shares of Act II, subject to adjustment, plus 1 million shares of class A ordinary shares of Act II placed in escrow, subject to release in accordance with the terms of the definitive agreement.

Merisant is a manufacturer of zero and low-calorie sugar substitutes and Mafco is a manufacturer of natural licorice products.

Act II will change its name to Whole Earth upon completion of the transaction.

Whole Earth Brands is expected to be a platform of branded products and ingredients focused on the consumer transition toward Natural alternatives and clean label products.

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