QSR pulls credit facility from primary market due to poor conditions

By Sara Rosenberg

New York, Aug. 8 – QSR (QSRH Borrowing Co. Pty. Ltd. and US Finco LLC) removed its credit facility from the market as a result of an unfavorable environment, according to a market source.

The facility consisted of a $185 million seven-year first-lien term loan (B+), a $55 million 7½-year second-lien term loan (B-) and a A$10 million revolver.

The first-lien term loan was talked at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan was talked at Libor plus 800 bps with a 1% Libor floor and a discount of 98½.

Included in the first-lien term loan was 101 soft call protection for one year, and the second-lien term loan had call protection of 102 in year one and 101 in year two.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. were the lead banks on the credit facility.

Proceeds were going to be used to refinance existing debt.

QSR is a franchisor and operator of quick service restaurants in Australia.

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