Arterra Wines launches C$710 million equivalent of term loans

By Sara Rosenberg

New York, Nov. 9 – Arterra Wines Canada Inc. was scheduled to hold a lender call at 12:30 p.m. ET on Monday to launch C$710 million equivalent of U.S. and Canadian term loans (B1/B), according to a market source.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, RBC Capital Markets and Antares Capital are the lead arrangers on the deal.

The debt consists of a C$660 million U.S. dollar equivalent seven-year covenant-lite first-lien term loan and a C$50 million Canadian seven-year covenant-lite first-lien term loan.

Talk on the U.S. term loan is Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99, and talk on the euro term loan is 25 bps wider than the U.S. term loan with a 0.75% floor and a discount of 99, the source said.

The term loans have 101 soft call protection for six months.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at noon ET on Nov. 18, the source added.

Arterra Wines is a Mississauga, Ont.-based owner and distributor of wine.

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