NEW YORK - Deutsche Bank and SunTrust Banks Inc. are getting ready to sell $380 million of high-yield loans made to Flowers Foods Inc.
The loans are divided into a $130 million, four-year credit; a $100 million, four-year term loan; and a $150 million, five-year term loan.
All three are secured by the assets and stock of Flowers Foods in Thomasville, Ga.
The four-year loans, which will be offered to banks, are to yield 2.5 percentage points more than the London interbank offered rate, according to bankers familiar with the matter. The five-year loan would yield 3 percentage points more than Libor, the bankers said.
Last month Flowers Industries Inc. sold its 55% interest in Keebler Foods Co. to Kellogg Co. and spun off its remaining units.