Portillo’s sets talk on $96 million in add-on term loans with launch

By Sara Rosenberg

New York, Oct. 7 – Portillo’s came out with price talk on its $71 million add-on first-lien term loan (B2/B-) and $25 million add-on second-lien term loan (Caa2/CCC) with its lender call on Friday, according to a market source.

The first-lien term loan is talked at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for six months.

UBS Investment Bank and Jefferies Finance LLC are the bookrunners on the $96 million in add-on term loans.

Consents are due on Oct. 17 and new money commitments are due on Oct. 20, the source added.

Proceeds will be used to pay a dividend.

Berkshire Partners is the sponsor.

Portillo’s is an Oak Brook, Ill.-based restaurant company.

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