Garden Fresh $175 million credit facility to launch Monday

By Sara Rosenberg

New York, Nov. 15 - Garden Fresh Restaurant Corp. is scheduled to hold a bank meeting on Monday to launch its proposed $175 million credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $25 million five-year revolver talked at Libor plus 275 basis points, a $113 million 51/2-year term loan B talked at Libor plus 275 bps and a $37 million six-year second-lien term loan talked at Libor plus 700 bps, the source said.

Price talk is based on expected first-lien ratings of B2/B. The second-lien term loan will likely be unrated.

Proceeds will be used to back the already completed leveraged buyout of the company by Sun Capital.

The EBITDA for the trailing 12 months is $30 million and the company has 12 straight years of same-store sales growth.

Garden Fresh is a San Diego-based owner and operator of salad-buffet restaurants.

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