Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Whatabrands LLC > News item |
Whatabrands firms $1.33 billion term loan B at Libor plus 325 bps
By Sara Rosenberg
New York, July 19 – Whatabrands LLC set pricing on its $1.33 billion seven-year covenant-lite first-lien term loan B at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and added a step-down to Libor plus 300 bps at 4x first-lien net leverage, according to a market source.
Also, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
The company’s $1.53 billion of senior secured credit facilities (B1/B+) also include a $200 million five-year revolver.
Morgan Stanley Senior Funding Inc., UBS Investment Bank and Credit Suisse Securities (USA) LLC are the joint lead arrangers and bookrunners on the deal.
Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.
Proceeds will be used to fund the buyout of Whataburger by BDT Capital Partners LLC.
Closing is expected later this summer, subject to regulatory approval and other customary conditions.
Whatabrands is a San Antonio-based restaurant company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.