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Restaurant Technologies updates first- and second-lien loan terms
By Sara Rosenberg
New York, Sept. 21 – Restaurant Technologies Inc. upsized its seven-year covenant-light first-lien term loan (B1/B-) to $400 million from $375 million and downsized its eight-year covenant-light second-lien term loan (Caa1/CCC) to $100 million from $125 million, according to a market source.
Also, pricing on the first-lien term loan was reduced to Libor plus 325 basis points from talk in the range of Libor plus 350 bps to 375 bps and pricing on the second-lien term loan was lowered to Libor plus 650 bps from talk in the range of Libor plus 700 bps to 725 bps, the source said.
A step-down was added to the first-lien term loan to Libor plus 300 bps at 4.65 times first-lien net leverage.
Furthermore, the original issue discount on the first-lien term loan was tightened to 99.75 from 99.5 and the discount on the second-lien term loan was revised to 99.5 from 99.
And, documentation changes were made to reflect the increase in opening first-lien net leverage for all applicable ratios, the source continued.
Both term loans still have a 0% Libor floor and a 25 bps pricing step-down upon consummation of an initial public offering, the first-lien term loan still has 101 soft call protection for six months and the second-lien term loan still has call protection of 102 in year one and 101 in year two.
The company’s $560 million of credit facilities also include a $60 million five-year revolver (B1/B-).
Goldman Sachs Bank USA, RBC Capital, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Antares Capital are the leads on the deal. RBC is the administrative agent.
Commitments were scheduled to be due at 5 p.m. ET on Friday, the source added.
Proceeds will be used to help fund the buyout of the company by Goldman Sachs Merchant Banking from Aurora Capital Partners.
Restaurant Technologies is a Minneapolis-based provider of fresh oil delivery, used oil removal and efficiency monitoring solutions.
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