Blue Acquisition Group, Inc., Big Heart Pet Brands and Natural Balance Pet Foods, Inc. Enter into a Senior Secured Asset-Based Revolving Credit Agreement
Mar 7 14
On March 6, 2014, Blue Acquisition Group, Inc., Big Heart Pet Brands and Natural Balance Pet Foods, Inc. entered into a new senior secured asset-based revolving credit agreement with the lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $225.0 million senior secured asset-based revolving facility with a five-year term. Availability under the ABL Facility is subject to a borrowing base. The borrowing base at any time will be equal to 85% of eligible accounts receivable and 85% of the net orderly liquidation value percentage of eligible inventory of the borrowers under the facility at such time, less customary reserves. The ABL Facility includes a sub-limit for letters of credit and for borrowings on same-day notice, referred to as swingline loans. The company is the lead borrower under the ABL Facility, NBPF is also a borrower and other domestic subsidiaries of the Company may be designated as borrowers on a joint and several basis. The loans under the ABL Facility bear interest at a rate equal to an applicable margin, plus, at the borrower’s option either a LIBOR rate for the applicable interest period or a base rate equal to the federal funds rate plus 0.50%, JPMorgan Chase Bank, N.A.’s 'prime rate' and the one month LIBOR rate plus 1.00%. The applicable margin with respect to LIBOR borrowings will, until the date that is 3 months after the closing date, be 1.50% and with respect to base rate borrowings will, until the date that is 3 months after the closing date, be 0.50%.
Del Monte Corporation, Blue Acquisition Group, Inc. and Blue Holdings GP, LLC Announces Board Changes
Aug 12 13
On August 8, 2013, Neil Harrison resigned as a member of the Board of Directors of Del Monte Corporation and the Audit Committee of the Board of Directors of the company, as well as a member of the board of directors of Blue Acquisition Group, Inc. and as a member of the board of managers of Blue Holdings GP, LLC, which acts as the general partner of Blue Holdings I, L.P.
Blue Acquisition Group, Inc. Announces Board Resignations
May 17 13
Blue Acquisition Group, Inc. announced on May 15, 2013, Dean Nelson and James Kelley resigned as members of the board of directors.