Goldman Sachs and National City Bank are leading a $205 million refinancing for Luigino's. The facility comprises a $30 million revolver and $175 million "B" loan. The spread on the revolver and "B" loan is LIBOR plus 21/2% and LIBOR plus 23/4%, respectively. The bank meeting was held March 11.
Proceeds will be used to refinance the company's existing credit facility and notes. LaSalle Bank and U.S. Bank held agent roles in the previous deal and Nat City was also a lender. It could not be determined why LaSalle and U.S. Bank are not leading the new deal, nor was it clear whether they would participate in it. Luigino's makes frozen entrees and pizza snacks. Goldman and Nat City bankers declined comment and Thomas Knuesel, Luigino's cfo, did not return calls.