Flynn launches $1.05 billion term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Nov. 15 – Flynn Restaurant Group launched on Monday its $1.05 billion seven-year first-lien term loan (B2/B) with price talk of Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

BofA Securities Inc. is the left lead arranger on the deal.

Commitments are due at 2 p.m. ET on Nov. 22, the source added.

Proceeds will be used to amend and extend an existing $592 million first-lien term loan due June 2025, and repay an existing $135 million second-lien term loan, some preferred equity and credit facilities issued at Apple American.

With this transaction, Apple American is being added to the existing borrower group.

Flynn Restaurant is a San Francisco-based restaurant franchisee operator.

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