Wendy's to launch $1.33 billion secured credit facility on Thursday

By Sara Rosenberg

New York, April 3 - Wendy's International Inc. is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a proposed $1,325,000,000 senior secured credit facility, according to a market source.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead arrangers on the deal, with Bank of America as the left lead.

The facility consists of a $200 million five-year revolver and a $1,125,000,000 seven-year term loan B, the source said.

Amortization on the term loan B is 1% per annum with the balance due at maturity.

Covenants include maximum senior secured leverage and minimum interest coverage ratios.

Proceeds will be used to refinance an existing credit facility that is comprised of a $150 million revolver and a $500 million term loan B, to repurchase $565 million of 10% senior notes due 2016 and for general corporate purposes.

Closing is subject to successful marketing and other conditions.

Wendy's is a Dublin, Ohio-based quick-service hamburger chain.

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