Sturm Active On Entrance Into Market

Both the first and second liens for the Sturm Foods dividend deal broke above par and were active in the secondary last week.

  • 02 Feb 2007
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Both the first and second liens for the Sturm Foods dividend deal broke above par and were active in the secondary last week. The first lien broke around par 5/8 -101 1/8 and the second lien broke around 101 1/4-101 3/4. About $70 million traded, a dealer estimated.

Deutsche Bank brought the financing to market to back a dividend to sponsor HM Capital (CIN, 1/15). Due to oversubscription, pricing was reduced on the first lien to LIBOR plus 2 1/2% from LIBOR plus 2 3/4% and pricing on the second was cut from LIBOR plus 6 1/4% to 6% with 102, 101 call protection. The first lien was also increased by $40 million to $390 million and the second lien was decreased by $20 million to $150 million. The extra $20 million was added onto the dividend for an approximate $320 million pay out (1/26).

Based in Manawa, Wis., Sturm makes various products for the food industry, including hot cereals and sugar free drink mix sticks. Rob Rugger, cfo, did not return a call.

  • 02 Feb 2007

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