Whatabrands firms $1.33 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Jan. 16 – Whatabrands LLC finalized pricing on its $1,326,675,000 covenant-lite first-lien term loan B (B1/B+) due Aug. 3, 2026 at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Additionally, the issue price on the term loan was changed to par from 99.875, the source said.

The term loan still has a 0% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Recommitments/consents were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Allocations are expected on Friday.

Proceeds will be used to reprice an existing term loan B down from Libor plus 325 bps.

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.