Dunkin' Brands firms $450 million term loan at Libor plus 250 bps

By Sara Rosenberg

New York, Feb. 3 - Dunkin' Brands Group Inc. set pricing on its $450 million term loan due June 2017 at Libor plus 250 basis points, the high end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The 2017 term loan still has no Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months.

The company is also getting a $1,379,000,000 term loan due February 2021 priced at Libor plus 250 bps with a 0.75% Libor floor, a discount of 99¾ and 101 soft call protection for six months.

Earlier in syndication, the 2021 term loan was downsized from $1,829,000,000 as the 2017 loan was added to the capital structure, pricing finalized at the wide end of the Libor plus 225 bps to 250 bps talk and the offer price firmed at the high side of the 99¾ to par guidance.

J.P. Morgan Securities LLC, Barclays and Goldman Sachs Bank USA are the lead banks on the deal (B+).

Proceeds will be used to refinance an existing term loan due 2020 that is priced at Libor plus 275 bps with a 1% Libor floor.

Dunkin' Brands is a Canton, Mass.-based franchisor of quick-service restaurants serving hot and cold coffee and baked goods as well as hard-serve ice cream.

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