Wendy's completes $200 million revolver

By Sara Rosenberg

New York, Jan. 16 - Wendy's International Inc. closed on its $200 million revolving credit facility due Nov. 1, 2011 (Ba1), according to an 8-K filed with the Securities and Exchange Commission on Friday.

JPMorgan, Bank of America and Wachovia acted as the joint lead arrangers and joint bookrunners on the deal that was completed on Jan. 14, with JPMorgan the administrative agent, Bank of America the syndication agent and Wachovia the documentation agent.

Pricing on the revolver can range from Libor plus 175 basis points to 325 bps and the commitment fee can range from 30 bps to 50 bps, based on ratings.

There is a $100 million accordion feature.

Financial covenants include maximum consolidated indebtedness to adjusted EBITDA and a minimum consolidated fixed-charge coverage ratio.

Proceeds will be used for working capital and other general corporate purposes.

At close, $5 million of loans was outstanding under the new revolver and $27.2 million of letters of credit were issued.

Wendy's is an Atlanta-based quick-service restaurant company.

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