Burger King reduces term loan B pricing to Libor plus 275 bps

By Sara Rosenberg

New York, Sept. 24 - Burger King Corp. lowered pricing on its term loan B due 2019 to Libor plus 275 basis points from Libor plus 300 bps, according to a market source.

The B loan still has a 1% Libor floor and an original issue discount of 993/4.

With the flex, 101 soft call protection for one year was added to the term loan B, the source said.

The company's credit facility (Ba3/BB) also includes a term loan A due 2017 and a revolver due Oct. 19, 2015.

Sizes on the term loan A and term loan B will be finalized prior to close.

Commitments are due at noon ET on Tuesday, the source added.

Proceeds will be used to refinance about $1.73 billion of existing term loan B debt.

J.P. Morgan Securities LLC, Barclays and Bank of America Merrill Lynch are the lead banks on the deal.

Burger King is a Miami-based fast food hamburger chain.

© 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.