RLPC: Dunkin' Brands details $1.93B refinancing loan

NEW YORK Thu Jan 23, 2014 10:06am EST

NEW YORK Jan 23 (Reuters) - Dunkin' Brands Group Inc revealed details on a new $1.93 billion debt package to refinance the company's existing senior secured credit, sources told Thomson Reuters LPC.

Lead bank JP Morgan scheduled a lender call for 2 p.m. ET Thursday.

The new credit will consist of a $100 million, five-year revolver and a $1.829 billion, seven-year term loan B.

Price talk on the new TLB is LIB+225-250, with a 75bp Libor floor, and a 99.75-100 issue price. Call protection is set at 101 soft call for six months.

Pricing on the outstanding TLB due February 2020 is LIB+275 with a 1 percent Libor floor, following a repricing completed in February 2013. The company also has a $100 million revolver due February 2018.

Corporate family ratings and facility ratings on the company are B2(STA)/B+(STA).

Dunkin' Brands Group, the parent company of Dunkin' Donuts and Baskin-Robbins, announced Wednesday plans to refinance and possibly extend maturities on existing debt to benefit from today's lower interest rates.

Dunkin Brands Inc is the borrower.

Dunkin' Brands and JP Morgan did not return calls for comment.

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