A loan financing the purchase of a chicken processing company is set to be the first in the $1.2 trillion leveraged loan market to use the Secured Overnight Financing Rate as a benchmark next year as lenders prepare to ditch the scandal-plagued Libor rate.
Wayne Farms’s $750 million loan, which will help fund Cargill Inc. and Continental Grain Co.’s planned acquisition of Sanderson Farms Inc., will initially use Libor as a benchmark this year, and then automatically switch to SOFR in 2022, according to people familiar with the matter who aren’t authorized to speak publicly.
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September 15, 2021 at 01:30AM
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Chicken Processor Readies First Leveraged Term Loan Tied to SOFR - Bloomberg
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