Flynn Restaurant to launch $255 million of term loans on Thursday

By Sara Rosenberg

New York, Nov. 7 – Flynn Restaurant Group LP will hold a lender call at 10:30 a.m. ET on Thursday to launch $255 million of fungible term loans, according to a market source.

Bank of America Merrill Lynch, Citizens Bank, Fifth Third, KKR Capital Markets and Wells Fargo Securities LLC are the lead arrangers on the deal.

The debt is split between a $205 million add-on covenant-light first-lien term loan due June 29, 2025 and a $50 million add-on covenant-light second-lien term loan due June 29, 2026, the source said.

Proceeds will be used with extra proceeds from the June loan transaction to purchase US Beef, the largest franchisee in the Arby’s restaurant system, for about $580 million.

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

© 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.