Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for MIC Glen LLC > News item |
K-MAC Enterprises finalizes $115 million term loan at 99.5 OID
By Sara Rosenberg
New York, Feb. 27 – K-MAC Enterprises Inc. (MIC Glen LLC) firmed the original issue discount on its non-fungible $115 million incremental covenant-lite first-lien term loan B-2 due July 2028 (B3/B-) at 99.5, the tight end of revised talk of 99.25 to 99.5 and tighter than initial talk of 99, according to a market source.
Pricing on the term loan remained at SOFR plus 425 basis points with a 0.5% floor.
The term loan still has 101 soft call protection for six months.
Earlier in syndication, the spread on the term loan was set at the high end of the SOFR plus 400 bps to 425 bps talk.
BMO Capital Markets, Goldman Sachs Bank USA, KKR Capital Markets and RBC Capital Markets are the arrangers on the deal.
Proceeds will be used to repay an existing $105 million second-lien term loan and revolving credit facility borrowings.
Mubadala Capital is the sponsor.
K-MAC is a Fayetteville, Ark.-based fast food restaurant operator.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.