Trio! Not one, not two, but three tranches for United Biscuits’ £725m loan

By Bianca Boorer
06 Sep 2017

United Biscuits’ £725m ($948.23m) loan is being split into two term loans and a revolving credit facility with pricing linked to the company’s leverage, according to a banker on the deal.

The facility for the maker of the Trio chocolate biscuits, which was signed last Thursday, comprises term loans of £575m and £75m, and a £75m revolving credit facility (RFC).

The pricing grid was between 190bp-290bp over Libor depending on the leverage. Initial pricing was set to 265bp ...

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