Recipe Unlimited amends facility for C$550 million two-part revolver

By Wendy Van Sickle

Columbus, Ohio, April 29 – Recipe Unlimited Corp. is amending and extending the terms of its existing C$550 million syndicated bank credit facility, according to a news release.

The new credit facility will comprise a C$400 million revolver that matures on May 1, 2024 and a C$150 revolver that matures on May 1, 2022.

The new credit facility includes a C$250 million uncommitted accordion feature that can be applicable to either of the revolvers.

The interest rate will be the effective bankers' acceptance rate or prime rate plus a spread.

The company's existing credit facility is being amended to remove certain covenants and restrictions, to include more flexible remaining covenants and to lower borrowing rates, according to the release.

Borrowing rate savings of about 25 basis points to 30 bps will be achieved at most total debt to EBITDA pricing levels.

Recipe Unlimited, formerly Cara Operations, is a Vaughan, Ont.-based full-service restaurant company.

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