Arby's launches $335 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 30 - Arby's (ARG IH Corp.) launched on Wednesday its $335 million seven-year first-lien term loan with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

The company's $370 million credit facility also provides for a $35 million five-year revolver.

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

Proceeds will be used to fund a dividend to shareholders.

Commitments are due on Nov. 13.

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

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