GPS Hospitality withdraws $395 million credit facilities from market

By Sara Rosenberg

New York, July 30 – GPS Hospitality pulled its $395 million of credit facilities due to market conditions, according to a market source.

The facilities consisted of a $55 million revolver and a $340 million seven-year first-lien term loan (B3/B-).

During the syndication attempt, the revolver was downsized from $65 million, pricing on the term loan was revised to Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99 from initial talk of Libor plus 475 bps with a 0% Libor floor and a discount of 99.5, and the 101 soft call protection on the term loan was extended to one year from six months.

UBS Investment Bank was the left lead bank on the deal.

Proceeds were going to be used to refinance existing debt.

GPS Hospitality is an Atlanta-based Burger King and Popeyes Louisiana Kitchen franchisee.

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