CiCi's to launch $172.5 million credit facility on Thursday

By Sara Rosenberg

New York, May 8 - CiCi's Enterprises LLC is scheduled to hold a bank meeting in New York on Thursday at 10 a.m. ET at the Palace to launch its proposed $172.5 million credit facility, according to a market source.

Wachovia and Wells Fargo are the lead banks on the deal.

The facility consists of a $15 million five-year revolver, a $117.5 million six-year term loan B and a $40 million second-lien term loan the source said.

Proceeds from the facility, along with $89.2 million in equity, will be used to fund the acquisition of the company by Oncap Management Partners.

Based on LTM EBITDA, leverage through the first-lien is 4.29 times and leverage through the second-lien is 5.75 times.

Covenants will include maximum total debt and minimum interest coverage.

CiCi's is a Coppell, Texas, operator and franchisor of CiCi's Pizza restaurants.

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