Fogo de Chao lifts term loan to $225 million, firms offer price at par

By Sara Rosenberg

New York, April 3 - Fogo de Chao upsized its term loan due July 2019 to roughly $225 million from roughly $205 million and set the offer price at par, the tight end of the 99¾ to par talk, according to a market source.

Pricing on the loan is still Libor plus 400 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

The upsizing will allow the company to pay down second-lien term loan borrowings, the source added.

Recommitments were due at noon ET on Thursday.

Fogo de Chao is a Dallas-based steakhouse chain in the United States and Brazil.

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