The 'delayed-draw' term loan was arranged with the help of Deutsche Bank AG and Bank of America Corp, said the Georgia-based baker, which has also amended its $500m revolving credit line and existing unsecured term debt to loosen leverage ratios and get "more favorable" covenants.Flowers recently agreed to pay $360m for Hostess’s Wonder, Butternut, Home Pride, Merita and Nature’s Pride brands, 20 bread plants, 38 depots and other assets.
“The regulatory review of the proposed acquisition is underway,” R. Steve Kinsey, chief financial officer of Flowers, said in a statement.
“The new term loan balances near-term and longer-term debt, and will allow us to deliver in keeping with our long-term financial objectives.”
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