International Multifoods (IMC) will commence general syndication of a $450 million loan through CIBC World Markets in March.
Proceed from the loan will be used to fund IMC's $305 million acquisition of a number of branded food businesses, including General Mills and Pillsbury.
Total leverage is estimated at 6.6 times, while leverage on a senior-only basis is estimated at 2.6 times.
Moody's Investors Services has placed IMC's ratings, currently BBB-/Baa3, under review for a possible downgrade.
It is likely that an institutional tranche will be included in the deal, with the ratings expected to fall into the BB …
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