Jul. 22 at 10:28 PM
Vitamin Well AB raised approximately
$2.2 billion through a multi-currency loan offering to finance its acquisition of protein bar manufacturer EMPWR Nutrition Group, according to Bloomberg. The Swedish beverage company secured a
$1 billion U.S. dollar-denominated loan and an €890 million (
$1 billion) euro-denominated tranche, both priced at 3.5 percentage points above their respective benchmark rates. The loans were priced at the tight end of the initial guidance range, indicating solid investor demand.
The financing package also included a SEK 1.55 billion (
$160 million) tranche. The U.S. dollar loan was issued at 99 cents on the dollar, while the euro tranche was priced at 99.5 cents. The successful syndication highlights continued appetite in credit markets for acquisition-related financing despite elevated interest rates.
Barclays, Citigroup, and UBS were among the banks that arranged the transaction.
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