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Dave & Busters talks $175 million eight-year notes at 11% area
By Paul A. Harris
St. Louis, March 1 - Dave & Busters Inc. talked its $175 million offering of eight-year senior unsecured notes at the 11% area on Wednesday, according to an informed source.
The offering is expected to price on Friday.
JP Morgan has the books for the notes, which are being place via Rule 144A with registration rights.
The notes come with four years of call protection.
Proceeds, along with a $108 million equity contribution from Wellspring Capital Management LLC, will be used to help fund the leveraged buyout of the company by Wellspring.
Moody's Investors Services assigns its B3 rating to the notes. The Standard & Poor's rating is CCC+.
Dave & Busters is a Dallas-based operator of upscale restaurant and entertainment complexes.
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