Deals
TPG Is in Line for Big Payoff From Chobani Yogurt Rescue
- Private equity firm set to make $350 million now, more to come
- Yogurt maker has begun refinancing process to repay some loans
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When Chobani LLC was running out of cash two years ago, TPG Capital handed the yogurt maker a much needed but expensive lifeline.
Now, Chobani is trying to extricate itself from an arrangement so onerous that its debt to TPG, which began as a $750 million loan, has ballooned to more than $900 million, with some of the highest rates in corporate credit markets.