Arby’s plans $1.73 billion credit facilities, $485 million notes

By Sara Rosenberg

New York, Dec. 18 – Arby’s Restaurant Group Inc. has received a commitment for $1,725,000,000 of senior secured credit facilities and plans to issue $485 million of senior unsecured notes to help fund its acquisition of Buffalo Wild Wings Inc., according to a PREM14A filed with the Securities and Exchange Commission on Monday.

Barclays is the lead bank on the debt.

The credit facilities consist of a $150 million revolver and a $1,575,000,000 term loan B.

The notes are backed by a commitment for a $485 million senior unsecured bridge loan.

Other funds for the transaction will come from up to $783 million in equity and cash on hand.

Under the agreement, Buffalo Wild Wings is being bought for $157.00 per share in cash in a transaction valued at about $2.9 billion, including net debt.

Closing is expected in the first quarter of 2018, subject to the approval of Buffalo Wild Wings shareholders, regulatory approvals and other customary conditions.

Arby’s, a Roark Capital Group portfolio company, is an Atlanta-based quick-service restaurant chain. Buffalo Wild Wings is a Minneapolis-based owner, operator and franchisor of Buffalo Wild Wings restaurants.

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