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Dhanani ups spread on $420 million term loan B to Libor plus 375 bps
By Sara Rosenberg
New York, June 25 – Dhanani Group Inc. increased pricing on its $420 million seven-year covenant-light term loan B (B2/B) to Libor plus 375 basis points from Libor plus 325 bps, according to a market source.
In addition, the original issue discount on the term loan widened to 99 from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Wells Fargo Securities LLC is the left lead arranger on the deal.
Commitments are due at 5 p.m. ET on Tuesday, the source added.
Proceeds will be used to refinance existing debt, to partially fund the consideration related to proposed tuck-in acquisitions and for general corporate purposes.
Dhanani is a Burger King, Popeyes and La Madeleine franchisee.
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