NPC Acquisition plans new credit facility for purchase by Olympus

By Sara Rosenberg

New York, Nov. 7 - NPC Acquisition Holdings LLC is getting ready to bring a new senior credit facility to market to help fund its acquisition by Olympus Partners, according to a market source.

Barclays Capital Inc. and Goldman Sachs & Co. are the lead banks on the deal.

Terms of the transaction were not disclosed.

Closing is expected by Dec. 28, subject to regulatory approvals and customary conditions.

In connection with the buyout, all of NPC's debt will be repaid. As of Sept. 27, the company had $197.7 million in term loan borrowings, $175 million of senior subordinated notes and no drawings under its $75 million revolver, other than $17.7 million in letters of credit.

NPC Acquisition is the parent company of NPC International Inc., an Overland Park, Kan.-based Pizza Hut franchisee.

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