Inspire Brands launches $1.75 billion term B-3 at SOFR plus 325 bps

By Sara Rosenberg

New York, Feb. 2 – Inspire Brands Inc. (IRB Holdings Corp.) held a lender call at 10 a.m. ET on Thursday to launch a $1.75 billion senior secured first-lien term loan B-3 due Dec. 15, 2027 that is talked at SOFR+CSA plus 325 basis points with a 0.75% floor and an original issue discount of 98.5 to 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan B-3 has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Barclays is the left bookrunner on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on Feb. 9, the source added.

Proceeds from the term loan B-3 will be used with anticipated variable funding note (VFN) proceeds to refinance an existing $2.488 billion term loan B-1 due February 2025.

Inspire Brands is an Atlanta-based multi-brand restaurant company.

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