BumbleBee Lacks Sellers In Secondary

A lack of sellers for BumbleBee Seafoods' $200 million term loan caused trading volumes to be low on its break in the secondary market.

  • 14 Apr 2006
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A lack of sellers for BumbleBee Seafoods' $200 million term loan caused trading volumes to be low on its break in the secondary market. The term loan broke at 101 and continued to trade in that context. "It is not that big so there are not many sellers. Investors bought it to hold on to," said a trader. Bank of America leads the deal, which also includes a $75 million revolver. Pricing on the term loan is LIBOR plus 1 3/4%.

The credit will take out an existing $190 million credit facility that the company used to buy Castleberry/Snow's Brands and the meat products business of Sara Lee (CIN, 3/31). A BumbleBee spokeswoman did not return calls by press time.

  • 14 Apr 2006

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