Wendy's/Arby's prices $500 million Libor plus 350 bps loan at 99.5

By Paul A. Harris

St. Louis, May 19 - Wendy's/Arby's Group, Inc. priced its $500 term loan (Ba2/BB) at Libor plus 350 basis points and an original issue discount of 99.5, market sources said.

The coupon came in at the wide end of the Libor plus 325 bps to 350 bps spread talk.

The reoffer price finalized at the top of price talk, which was boosted from earlier talk of 99.

The deal features a 1.5% Libor floor and a one-year soft call at 101.

Bank of America Merrill Lynch and Citigroup led the deal.

Proceeds will be used to refinance existing loans, redeem Wendy's International's $200 million of 6¼% senior notes due 2011 and for general corporate purposes.

The borrower is an Atlanta-based quick-service restaurant company.

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