By Paul A. Harris
Portland, Ore., Nov. 1 – Raising Cane’s Restaurants LLC priced $500 million of 5.5-year senior notes (B3/B/BB-) at par to yield 9 3/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 9˝% area. Initial guidance was in the high 9% to 10% area.
Bookrunners were 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.
The Rule 144A and Regulation S deal was heard to be playing to $2 billion of demand at mid-morning on Wednesday, according to a bond trader.
The Baton Rouge, La.-based restaurant franchise plans to use the proceeds to repay debt under the its revolving credit facility.
| Issuer: | Raising Cane’s Restaurants LLC
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | May 1, 2029
|
| Bookrunners: | 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.
|
| Coupon: | 9 3/8%
|
| Price: | Par
|
| Yield: | 9 3/8%
|
| Spread: | 451 bps
|
| First call: | Nov. 1, 2025 at 104.688
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 8
|
| Ratings: | Moody’s: B3
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| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9˝% area
|
| Marketing: | Roadshow
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