RBC Capital Leads Boulder Brands Facility Amendment
Boulder Brands announced that the company amended and re-priced its existing senior secured credit facility. The company increased its term loan B from $273 million to $300 million, and its four-year revolving credit facility from $80 million to $115 million. The term loan B cash interest rate was lowered from 5.0% to 4.5%. The EPS savings is nominal in 2014 and is anticipated to be approximately $0.01 in 2015.
RBC Capital Markets led the banking transaction in a four-bank consortium that also included Citigroup Global Markets, BMO Capital Markets and Barclays Bank.
“We are excited about utilizing the favorable market environment, enabling us to lower the company’s overall interest rate and secure less restrictive covenants. We will have more financial flexibility as a result of the transaction,” stated Christine Sacco, CFO. “We are also pleased with the support of the banking community and their confidence in our future.”
Boulder Brands offers food solutions that give consumers opportunities to improve their lives. The company’s health and wellness platform consists of brands that target specific health trends.