Raising Cane’s talks $500 million long five-year notes in 9˝% area; pricing Wednesday

By Abigail W. Adams

Portland, Me., Oct. 31 – Raising Cane’s Restaurants LLC set price talk for its $500 million offering of long five-year senior notes (B3) in the 9˝% area, according to a market source.

Official talk comes tight to early guidance for a yield in the high 9% to 10% area, according to a market source.

Books close at 10 a.m. on Wednesday with pricing expected thereafter.

The notes are non-callable for two years.

J.P. Morgan Securities LLC (bill & deliver), BofA Securities Inc., Capital One Securities Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, MUFG Securities Americas Inc. and Truist Securities Inc. are bookrunners for the Rule 144A and Regulation S deal.

Proceeds will be used to repay outstanding debt under the company’s revolving credit facility.

Raising Cane’s Restaurants is a Baton Rouge, La.-based restaurant franchise.

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