NPC launches $368 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Dec. 3 - NPC International Inc. launched on Tuesday its roughly $368 million term loan due Dec. 28, 2018 with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

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

Also included in the company's $468 million senior secured credit facility is a $100 million revolver due Dec. 28, 2017.

Barclays and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to amend and restate, and reprice existing revolver and term loan debt.

Current term loan pricing is Libor plus 325 bps with a 1.25% Libor floor.

Commitments/amendment consents are due at noon ET on Monday.

Net senior secured leverage is 2.3 times, net total leverage is 3.6 times and net rent-adjusted leverage is 4.8 times, the source added.

NPC is an Overland Park, Kan.-based Pizza Hut franchisee.

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