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Prospect News home > News index > List of issuers F > Headlines for Flynn Restaurant Group LP > News item |
Flynn cuts term loan to $930.6 million, firms at Libor plus 425 bps
By Sara Rosenberg
New York, Nov. 23 – Flynn Restaurant Group downsized its seven-year first-lien term loan to $930.6 million from $1.05 billion and set pricing at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.
The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
BofA Securities Inc. is the left lead arranger on the deal.
Proceeds will be used to amend and extend a portion, instead of all, of an existing 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.
Flynn Restaurant is a San Francisco-based restaurant franchisee operator.
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