News and Analysis
Tropicana’s debt dips again following flat FY EBITDA projection
- Sasha Padbidri
- +Bill Weisbrod
- + 1 more
•1 min read
Beverage company Tropicana’s loan debt traded down several points after its management projected flat full-year 2024 EBITDA on a 16 September call, according to sources.
The PAI Partners-owned company, whose portfolio of juice brands include Tropicana, Naked and KeVita, is now forecasting FY24 EBITDA in the low $300m range as it grapples with inflation and increasing orange prices.
The company’s term loan B due 2029 dropped more than two points to 80.25 on 16 September, versus 82.8 on 13 September. The second-lien loan due 2030 was quoted at 63.75 on 16 September, representing a nearly five point decline since 13 September.
9fin previously reported that Tropicana recorded adjusted EBITDA of $48m for the quarter ending 15 June, representing a 25% YoY decline. The company was levered 7.6x on a net basis for the second quarter, based on $335m in LTM pro forma adjusted EBITDA.
A spokespeople for Tropicana did not return a request for comment. PAI Partners declined to comment.
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