Wendy's/Arby's gets lender OK to combine loans into one single amended facility

By Sara Rosenberg

New York, March 6 - Wendy's/Arby's Group Inc.'s amendment, under which the Wendy's International Inc. and Arby's Restaurant Group Inc. bank debt are being combined into one credit facility, passed on Friday, according to a market source.

Pricing on the amended facility is Libor plus 400 basis points with a 2.75% Libor floor, compared to previous pricing of Libor plus 225 bps. Originally, pricing was only going to increase to Libor plus 350 bps, but that was sweetened to get the deal done.

Lenders were paid a 50 bps amendment fee.

Citigroup acted as the lead bank on the amendment.

In connection with the amendment, Wendy's $200 million revolver is going to be canceled and Arby's will upsize its existing $100 million revolver to $200 million.

Wendy's/Arby's is an Atlanta-based quick-service restaurant company.

© 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.