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Focus Brands to launch $625 million credit facility on Tuesday
By Sara Rosenberg
New York, Sept. 19 – Focus Brands Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $625 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The facility consists of a $25 million revolver and a $600 million seven-year covenant-light first-lien term loan, the source said.
Price talk on the term loan is Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, the source continued.
The term loan has 101 soft call protection for six months.
Proceeds will be used to refinance existing debt.
Commitments are due at 5 p.m. ET on Oct. 4, the source added.
Focus Brands is an Atlanta-based restaurant franchisor and operator.
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