Butterfly, a Los Angeles-based private equity firm specializing in the food sector, closed a $300 million second lien term loan facility issued by portfolio company Milk Specialties Global. GoldenTree Asset Management provided the second lien term loans for the transaction and the net proceeds thereof were used to complete a distribution to Milk Specialties shareholders. The company’s preexisting first lien secured credit facility remains in place.
“We entered into our partnership with the Milk Specialties team with high expectations, and those expectations have been exceeded,” Aaron Kirkbride, managing director of Butterfly and board member of Milk Specialties, said. “In returning this capital to shareholders, we’re recognizing the great work of the entire Milk Specialties team and our confidence in the company’s continued success.”
Butterfly was advised by Kirkland & Ellis on legal matters in connection with the transaction. GoldenTree was advised by Freshfields Bruckhaus Deringer on legal matters in connection with the transaction.
