Caribbean Restaurants ups first-lien term loan, downsizes revolver

By Sara Rosenberg

New York, Feb. 24 - Caribbean Restaurants LLC increased its five-year first-lien term loan (Caa1/B-) to $145 million from $140 million and decreased its revolver (Caa1/B-) to $10 million from $15 million, according to a market source.

Pricing on the first-lien term loan is still Libor plus 775 basis points with a 1% Libor floor and an original issue discount of 99, and there is still 101 soft call protection for one year.

The company's $205 million credit facility also provides for a $50 million 51/2-year second-lien term loan (Caa3/CCC) priced at Libor plus 1,100 bps cash plus 6% PIK with a 1% Libor floor and a discount of 98.

The second-lien term loan is non-callable for three years, then at 106 in year four and 103 in year five.

Jefferies Finance LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Caribbean Restaurants is an operator of Burger King restaurants in Puerto Rico.

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