Arby's Allocates, Crown Holdings finalizes terms, funds see Thursday inflows

By Paul A. Harris

Portland, Ore., Jan. 19 – In Friday's leveraged loan market the Arby’s Restaurant Group Inc. (IRB Holding Corp.) $1,575,000,000 seven-year term loan B allocated.

The loan’s issue price was finalized at 99.75, with pricing finalized at Libor plus 325 basis points and a stepdown to Libor plus 300 bps on net first-lien leverage reaching 2.5 times. Earlier talk was Libor plus 375 bps at 99.5.

The loan continues to have a 1% Libor floor and 101 soft call protection for six months, the source said.

Crown Holdings Inc. finalized terms on its new credit facility, further tightening pricing on the euro tranche and reducing the size of the dollar tranche by spinning out a $100 million term loan A.

Meanwhile the dedicated bank loan funds saw modest daily inflows of $20 million of retail cash on Thursday, a trader said.

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