Inspire Brands talks $2.58 billion term B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Nov. 13 – Inspire Brands Inc. (IRB Holding Corp.) launched on Friday its $2,575,000,000 seven-year senior secured first-lien term loan B (B2/B) with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays, Capital One, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Golub, KeyBanc Capital Markets, Rabobank, Truist and Wells Fargo Securities LLC are the bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on Nov. 20, the source added.

Proceeds will be used to help fund the acquisition of Dunkin’ Brands Group, Inc. for $106.50 per share in cash in a transaction valued at about $11.3 billion, including the assumption of Dunkin’ Brands’ debt.

Other funds for the transaction will come from cash on hand and equity from Inspire Brands’ sponsor, Roark Capital Management, LLC.

Closing is expected by the end of the year.

Inspire Brands is an Atlanta-based multi-brand restaurant company. Dunkin’ Brands is a Canton, Mass.-based franchisor of quick service restaurants.

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