Syndication Nation — Will protein-maxxing keep Chobani king?

An episode of Cloud 9fin's Syndication Nation in which US leveraged finance reporter David Westenhaver talks with deputy LevFin editor Sasha Padbidri about Chobani's decade-long shift from a capacity-constrained yogurt producer to a frequent borrower in the credit market. The discussion covers the company's history in the loan market, the effect of the protein-focused consumer trend on the business, and why some long-standing lenders are stepping away as debt pricing tightens even while praising the company. A post-recording note adds that Chobani issued a further $600m in debt to fund the purchase of a Pennsylvania production facility with an expected $1.2bn price tag.

1. Chobani moved over the past decade from a capacity-constrained yogurt producer to what the episode calls a credit market darling.
2. Tighter debt pricing is prompting some longtime lenders to exit even as they praise the business.
3. The episode examines how the protein-maxxing trend affects the company.
4. Since recording, the company issued an additional $600m in debt to finance the purchase of a Pennsylvania production facility expected to cost $1.2bn.