Biscuit International launches €205M loan add-on for acquisition

Biscuit International SAS will meet with lenders on Jan. 11 to launch a €205 million fungible add-on to its term loan due February 2027. BNP Paribas is sole active bookrunner on the deal and is a joint bookrunner alongside BofA Securities, Deutsche Bank, RBC and Santander.

The new covenant-lite debt will price in line with the existing facility at E+400 with a 0% floor. A ticking fee means that 0% is paid for the first 60 days, with 50% of the margin payable from days 61 to 90, and then 100% thereafter.

Commitments on the deal are due Jan. 21.

Proceeds from the new add-on debt will be used to back the firm's takeover of Continental Bakeries from Goldman Sachs Asset Management. Continental Bakeries has production facilities across the Netherlands, Belgium, Germany, Poland and Sweden.

Biscuit International originally agreed the outstanding €490 million TLB in February 2020 to back sponsor Platinum Equity's acquisition of the firm from Qualium in 2019. The acquisition was also supported with a €110 million second-lien loan which was bought by Pemberton, and an €85 million revolver.

Biscuit International, a private-label biscuit manufacturer, was formed in 2016 through the merger of Groupe Poult and Banketgroep.

Article updated at 4:45 p.m. London time on Jan. 7, 2022, to update list of joint bookrunners on the deal.