BellRing finalizes $636.2 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 23 – BellRing Brands LLC firmed pricing on its $636.2 million first-lien term loan (B2/B+) due October 2024 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, a par issue price, 101 soft call protection for six months, amortization of 5% per annum and a maximum total leverage covenant of 6x.

Credit Suisse Securities (USA) LLC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, BMO Capital Markets, Rabobank, Nomura, Truist, UBS Investment Bank and Wells Fargo Securities LLC are the arrangers on the deal.

Commitments continued to be due at noon ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

BellRing is a St. Louis-based manufacturer of active nutrition brands.

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