K-MAC talks $115 million incremental loan at SOFR plus 400-425 bps; commitments due Tuesday

By Paul A. Harris

Portland, Ore., Feb. 22 – K-MAC Enterprises, Inc. talked a $115 million non-fungible covenant-lite incremental first-lien term loan due July 2028 (expected ratings B3/B-) at SOFR plus 400 basis points to 425 bps, a 0.5% floor and an original issue discount of 99, according to a market source.

The deal, which is in the market via borrowing entity MIC Glen LLC, features 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Tuesday.

BMO is the left arranger. Goldman Sachs, KKR and RBC are the joint arrangers.

The Fayetteville, Ark.-based fast food restaurant operator, which is sponsored by Mubadala Capital, plans to use the proceeds to repay a $105 million second-lien term loan and revolver debt.

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