Focus Brands ups spread on $285 million loan to Libor plus 550 bps

By Sara Rosenberg

New York, Oct. 29 - Focus Brands Inc. increased pricing on its $285 million credit facility (B2/B) to Libor plus 550 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

The 1.75% Libor floor and original issue discount of 98½ on the facility were left unchanged, the source said.

The facility consists of a $10 million revolver and a $275 million term loan.

Commitments were due on Friday, and allocations are expected to go out during the week of Nov. 1.

Credit Suisse is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund the acquisition of Auntie Anne's, a Lancaster, Pa.-based hand-rolled soft pretzel chain.

Focus Brands is an Atlanta-based franchisor and operator of ice cream stores, bakeries, restaurants and cafes.

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