Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Nicolle Liu

Will Caiger-Smith

Emily Fasold

Banks working with snack company Shearer’s Food are planning to syndicate a $1.7bn first lien term loan later this month to fund the company’ s acquisition by CD&R, according to sources familiar with the transaction.

The financing is underwritten on 5.5x leverage with pricing expected in the region of SOFR+450bps with a 98 OID, the sources said.

Deutsche Bank will be the lead left on the deal while UBS will be a co-lead.

The debt package’s commitment letter allows for a secured bond component in lieu of some term loan debt if the company's ratings are downgraded to B3, which would make it less appealing to CLO investors, according to a source.

The company presently has a roughly $1bn base of loan investors through its existing term loan B that is slated to be refinanced.

CD&R's purchase of Shearer’s Food valued the company at about $2.8bn, based on a 9x EBITDA multiple, as reported by 9fin. Shearer’s was previously owned by Ontario Teachers Pension Plan and generated roughly $300m in LTM EBITDA through 30 September 2023.

Ohio-based Shearer's Foods is a manufacturer of private label salty snacks, cookies, and crackers.

Shearer’s Foods, Deutsche Bank and UBS did not respond to requests for comment. CD&R declined to comment.

🍪 Our Cookies

Shearer’s Food banks prep $1.7bn buyout loan

Read all our public content for free

Recently Published

The Unicrunch — Is 2025 going to be the real deal?

Winding Up — Even odds

European LevFin Wrap — A pre-Christmas deal window with private credit presents

The Default Notice — Prisoner [healthcare provider]’s dilemma

What are you waiting for?