Portillo’s shifts funds between first- and second-lien term loans

By Sara Rosenberg

New York, Nov. 27 – Portillo’s downsized its first-lien term loan due 2024 to $332.4 million from $382.4 million and upsized its privately placed second-lien term loan to $155 million from $105 million, according to a market source.

Also, pricing on the first-lien term loan was increased to Libor plus 550 basis points from Libor plus 525 bps and the original issue discount firmed at 99, the wide end of the 99 to 99.5 talk, the source said.

Furthermore, the 101 soft call protection on the first-lien term loan was extended to one year from six months.

The first-lien term loan still has a 1% Libor floor.

The company’s $537.4 million of credit facilities include a $50 million revolver as well.

UBS Investment Bank, Jefferies LLC and BofA Securities Inc. are the lead banks on the deal.

Proceeds will be used to refinance/extend an existing first-lien term loan by three years, and refinance/extend an existing second-lien term loan and revolver.

Portillo’s is an Oak Brook, Ill.-based restaurant company.

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