Rave Holdings seeks $95 million senior secured credit facility

By Sara Rosenberg

New York, July 20 - Rave Holdings LLC expects to close on its $95 million senior secured credit facility shortly as syndication has wrapped and allocations are targeted to go out this week, according to a market source.

Societe Generale, American Securities and SunTrust are the joint lead arrangers and bookrunners on the deal. Natixis is a co-syndication agent and ING is a documentation agent.

The facility consists of a $10 million five-year revolver and an $85 million five-year term loan, with both tranches priced at Libor plus 450 basis points with a 1.5% Libor floor, the source said.

The term loan was offered at an original issue discount of 99 and the revolver was offered at 981/2.

There is a 75 bps unused fee under the revolver.

Proceeds will be used to help fund the recapitalization of the company.

At close, senior leverage will be 3.0 times.

Rave is a Dallas-based motion picture exhibitor that was formed through the combination of theaters acquired from Rave Reviews Cinemas LLC and National Amusements Inc. in December 2009.

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