Restaurant Technologies discloses first- and second-lien loan talk

By Sara Rosenberg

New York, Sept. 12 – Restaurant Technologies Inc. released price talk on its $375 million seven-year covenant-light first-lien term loan (B1/B-) and $125 million eight-year covenant-light second-lien term loan (Caa1/CCC) in connection with its bank meeting on Wednesday, according to a market source.

Price talk on the first-lien term loan is Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 0% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $560 million of credit facilities also include a $60 million five-year revolver (B1/B-).

Goldman Sachs Bank USA, RBC Capital, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Antares Capital are the leads on the deal. RBC is the administrative agent.

Commitments are due at noon ET on Sept. 21, the source added.

Proceeds will be used to help fund the buyout of the company by Goldman Sachs Merchant Banking from Aurora Capital Partners.

Restaurant Technologies is a Minneapolis-based provider of fresh oil delivery, used oil removal and efficiency monitoring solutions.

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