Welbilt completed the repricing of its $825 million senior secured term loan B facility. J.P. Morgan Chase Bank and Goldman Sachs Bank were joint bookrunners on the repricing.

The new rate is LIBOR plus 300 basis points, subject to a one percent LIBOR floor. Prior to the repricing, the rate was LIBOR plus 475 basis points, subject to the same one percent LIBOR floor. The repricing was completed at par, and establishes for six months a one percent premium in the case of another repricing event.

“The reduced interest rate on our Term Loan B is a strong testament to the regained stability of our company and the trust that debt investors put in our strategy and business model,” said Hubertus Muehlhaeuser, president and CEO of Welbilt. “This repricing is another important piece of improving our capital structure to make it more accommodative for our future growth plans.”

Welbilt provides chefs, premier chain operators and growing independents with equipment and solutions, including fully-integrated kitchen systems.