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Post Holdings readies launch of $2 billion term loan B for Wednesday
By Sara Rosenberg
New York, May 9 – Post Holdings Inc. is scheduled to hold a lender call at noon ET on Wednesday to launch its proposed $2 billion seven-year first-lien term loan B (BB-), according to a market source.
Credit Suisse Securities (USA) LLC is the left lead on the deal.
Price talk on the term loan is Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99.5.
The term loan has 101 soft call protection for six months, the source said.
Proceeds will be used to help fund the £1.4 billion acquisition of Weetabix Ltd. from Bright Food Group and Baring Private Equity Asia and to fund tender offers for $800 million of 7¾% senior notes due 2024 and $400 million of 8% senior notes due 2025.
Other funds for the transactions will come from cash on hand.
Commitments for the term loan are due at 5 p.m. ET on May 19, the source added.
Post is a St. Louis-based cereal, food and nutrition company.
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