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Investing.com -- Bain Capital has secured approximately $1 billion in debt financing to fund its acquisition of restaurant franchisee Sizzling Platter, according to Bloomberg, citing people familiar with the matter.
The financing package includes a $425 million seven-year first-lien term loan, which priced at 5 percentage points over the Secured Overnight Financing Rate. The loan was sold at a discount of 97 cents on the dollar, making it one of the more costly syndicated loans offered in recent months.
The debt arrangement also features an $80 million delayed draw term loan and $500 million of senior secured notes. The notes priced at par to yield 9.5%, which was at the lower end of the initially discussed coupon range of 9.5% to 9.75%.
Sizzling Platter operates locations for several popular restaurant chains including Little Caesars (NASDAQ:CZR), Dunkin’, Jersey Mike’s, and Wingstop (NASDAQ:WING).
The transaction represents a significant move in the restaurant franchising sector, with the substantial debt package indicating the scale of the acquisition. The pricing terms reflect current market conditions for leveraged buyout financing.
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