On the Border gets $20 million add-on term loan at discount of 99.5

By Sara Rosenberg

New York, Feb. 3 – On the Border Mexican Grill & Cantina closed on a $20 million add-on term loan priced at Libor plus 450 basis points with no Libor floor and issued at an original issue discount of 99.5, according to a market source.

Syndication was limited to existing lenders, the source said.

Antares Capital acted as lead arranger and administrative agent on the deal, which closed on Tuesday.

Proceeds were used to fund a distribution to shareholders.

On the Border is an Irving, Texas-based Tex-Mex casual dining brand owned by Argonne Capital and Fortress Investment Group.

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