Flynn Restaurant to launch $500 million in term loans on Wednesday

By Sara Rosenberg

New York, June 4 – Flynn Restaurant Group LP is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch $500 million of term loans, according to a market source.

Bank of America Merrill Lynch is the left lead arranger on the deal.

The debt consists of a $400 million seven-year covenant-light first-lien term loan and a $100 million eight-year covenant-light second-lien term loan, the source said.

Proceeds will be used to refinance existing credit facilities at Bell American and Pan American into a combined structure, repay subordinated debt and fund cash to the balance sheet for future acquisitions and general corporate purposes.

Flynn Restaurant is a San Francisco-based restaurant franchisee operator.

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