Restaurant Technologies outlines revisions, breaks for trading; Renaissance Learning frees

By Sara Rosenberg

New York, March 17 – Restaurant Technologies Inc. modified the original issue discount on its first-lien term loan B, removed a pricing step-down and made a number of changes to documentation before freeing up for trading on Thursday.

Restaurant Technologies changed the original issue discount talk on its $810 million seven-year covenant-lite green first-lien term loan B to a range of 97 to 97.5 from a range of 98 to 98.5, and then finalized the discount at 97.5. The 25 bps step-down upon an initial public offering was removed from the term loan, the 2x fixed charge coverage ratio for debt test for junior lien and unsecured debt were removed and “no worse” prongs were limited to only be used for permitted acquisitions/investments, the inside maturity carve-out was reduced to 50% of EBITDA, asset sale step-downs were removed and quarterly lender calls were added, a source said.

Also, Renaissance Learning Inc.’s incremental term loan made its way into the secondary market, with levels quoted above its original issue discount.

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