Primient wraps $1.04 billion term loan B at SOFR plus 350 bps

By Sara Rosenberg

New York, Jan. 31 – Primient (Primary Products Finance LLC) completed its $1.0441 billion first-lien term loan B due April 1, 2029 (B1/BB-/BB+) in line with initial talk of SOFR+CSA plus 350 basis points with a 0.5% floor and a par issue price, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months.

Barclays is the left lead on the deal.

Allocations went out on Tuesday, the source added.

Proceeds will be used to reprice an existing $1.044 billion first-lien term loan due April 2029 down from SOFR+CSA plus 400 bps with a 0.5% floor.

Primient is a Schaumberg, Ill.-based manufacturer of nutritive sweeteners, industrial starches, acidulants, and other corn-derived products predominantly for food and beverage, packaging and industrial applications.

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