Arby's readies launch of $370 million credit facility for Wednesday

By Sara Rosenberg

New York, Oct. 28 - Arby's (ARG IH Corp.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $370 million credit facility, according to market sources.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the lead banks on the deal.

The facility consists of a $35 million five-year revolver and a $335 million seven-year first-lien term loan, sources said.

Included in the term loan is 101 soft call protection for one year and a maximum net total leverage covenant.

Proceeds will be used to fund a dividend to shareholders.

Commitments are due on Nov. 13, sources added.

Arby's, owned by Roark Capital, is an Atlanta-based quick-service sandwich chain.

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