Arby’s sets roadshow for $485 million eight-year notes backing Buffalo Wild Wings acquisition

By Paul A. Harris

Portland, Ore., Jan. 11 – IRB Holding Corp., also known as Arby's Restaurant Group, Inc., plans to start a roadshow on Tuesday in Los Angeles and San Francisco for a $485 million offering of eight-year senior notes, according to a market source.

The roadshow moves to New York on Wednesday and to Boston on Jan. 18, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Barclays is the left bookrunner. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Atlanta-based quick-service restaurant chain plans to use the proceeds, along with a $1.58 billion term loan, to help fund its pending acquisition of Buffalo Wild Wings Inc.

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