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Flynn Restaurant to launch $150 million add-on term loan on Monday
By Sara Rosenberg
New York, Sept. 8 – Flynn Restaurant Group LP will hold a lender call at 10 a.m. ET on Monday to launch a fungible $150 million add-on term loan B due Dec. 3, 2028, according to a market source.
Pricing on the add-on term loan is SOFR+CSA plus 425 basis points with a 0.5% floor, in line with the existing term loan pricing.
CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.
Original issue discount talk on the add-on term loan is 98.76, the source said.
The add-on term loan and existing term loan are getting 101 soft call protection for six months.
BofA Securities Inc. is the left lead arranger on the deal.
Commitments are due at noon ET on Thursday, the source added.
Proceeds will be used to refinance an existing term loan B due 2025, to repay revolving credit facility borrowings and to fund cash to the balance sheet for general corporate purposes.
Flynn Restaurant is a San Francisco-based restaurant franchisee operator.
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