Checkers Drive-In to launch $305 million credit facilities on Thursday

By Sara Rosenberg

New York, April 4 – Checkers Drive-In Restaurants Inc. is set to hold a bank meeting on Thursday to launch $305 million in credit facilities, according to a market source.

Jefferies Finance LLC, Antares Capital, KeyBanc Capital Markets and Citizens are the joint lead arrangers on the deal.

The facilities include a $25 million revolver, a $192.5 million seven-year first-lien term loan and an $87.5 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Oak Hill Capital Partners from Sentinel Capital Partners in a transaction valued at about $525 million.

Closing is expected in the second quarter, subject to HSR approval and other customary conditions.

Checkers is a Tampa, Fla.-based operator and franchisor of drive-thru hamburger quick-service restaurants.

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