Vitamin company Metagenics is seeking about $500 million from private credit lenders to support a refinancing of the company’s debt and a dividend recap for the company’s sponsor, Gryphon Investors, according to market sources.
The debt includes both a term loan and a holdco portion, sources said. The deal was marketed with company EBITDA of about $100 million, inclusive of adjustments, and senior leverage of 5x with an additional turn of leverage being added from the holdco debt.
Sources said the debt is likely to price at least at S+500.
Jefferies Credit Partners was administrative agent on the debt backing Gryphon’s buyout of the company in 2021.
Gryphon declined to comment. Metagenics and Jefferies did not respond to requests for comment.
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