Ignite Restaurant launches $150 million facility at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 16 - Ignite Restaurant Group launched its $150 million senior secured credit facility on Wednesday with price talk of Libor plus 475 basis points with a 1.5% Libor floor and an original issue discount of 981/2, according to a market source.

The facility consists of a $30 million revolver and a $120 million term loan.

GE Capital and Golub Capital are leading the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Ignite Restaurant Group is a Houston-based portfolio of restaurant concepts, including Joe's Crab Shack and Brick House Tavern & Tap.

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