New World draws down $169.375 million in term loan debt to redeem 13% notes

By Sara Rosenberg

New York, March 6 - New World Restaurant Group Inc. drew down all $80 million of its first-lien term loan, all $65 million of its second-lien term loan and $24.375 million under its $25 million subordinated term loan on Feb. 28, according to an 8-K filed with the Securities and Exchange Commission Monday.

Proceeds were used to redeem $160 million of 13% senior secured notes due in 2008 and retire the company's existing $15 million revolver.

The credit facility had actually closed in late January, but it was not expected to fund until February.

New World Restaurant is a Golden, Colo.-based company that operates in the quick casual restaurant industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.