Deutsche Bank brought an amendment and refinancing to the market for Sturm Foods last Tuesday. Pricing was taken down 25 basis points on a $20 million revolver, cutting pricing to LIBOR plus 2 3/4%. A $200 million term loan, priced at LIBOR plus 2 1/2%, will be used to pay off an existing $65 million first lien and an existing $134 million second lien. HM Capital bought the company from Mason Wells in May 2005.
Based in Manawa, Wis., the company provides drink mixes, hot cereals and other dry mix products to retail and foodservice areas. Calls to Rob Rugger, cfo, were not returned. An HM spokesman declined comment.