Flynn Restaurant ups term loan to $200 million, changes OID to 99.25

By Sara Rosenberg

New York, Sept. 14 – Flynn Restaurant Group LP upsized its fungible add-on term loan B due Dec. 3, 2028 (B2/B) to $200 million from $150 million and tightened the original issue discount to 99.25 from 98.76, 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.

The add-on term loan and existing term loan are still getting 101 soft call protection for six months.

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

Recommitments were scheduled to be due at 1 p.m. 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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