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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Fifth Third Bank, Others Arrange Portillo’s Debt Refinancing
Friday, February 10, 2023
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Lenders/Participants
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Fifth Third Bank [Joint Lead Arranger, Joint Bookrunner, Swing Line Lender, Administrative Agent, L/C Issuer]
Bank of America Securities [Joint Lead Arranger, Joint Bookrunner]
Wells Fargo Bank [Joint Lead Arranger, Joint Bookrunner]
MUFG [Joint Lead Arranger, Joint Bookrunner]
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Structure
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$300MM Term A Loan; $100MM Revolving Credit Facility
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Amount
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$400.000
Million
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Borrower(s)
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Portillo’s
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Description
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A new 5-year $300 million Term A Loan, resulting in a significant reduction in interest expense. At prevailing rates, the all-in interest rate on the term debt has been reduced by approximately 270 basis points. The refinancing provides Portillo’s with greater financial flexibility in support of the Company’s ongoing expansion. The new Term A Loan has an interest rate based on the Secured Overnight Financing Rate (SOFR), plus a credit spread adjustment of 10 to 15 basis points depending on the commitment term, plus a margin of 275 basis points (subject to adjustments based upon the Company’s consolidated total net rent adjusted leverage ratio). The new rate compares favorably to the existing credit facility’s margin, which was based on the London Interbank Offered Rate (LIBOR) plus 550 basis points. The Company also entered into a new 5-year Revolving Credit Facility, increasing its short-term borrowing capacity from $50 million to $100 million. At closing, the Company borrowed $15 million under the Revolving Credit Facility and has over $80 million of remaining borrowing capacity, net of letters of credit of approximately $4.4 million.
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Industry
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Restaurant
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Location
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CA
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| Related Tags |
Bank of America Securities, Fifth Third Bank, MUFG, Restaurant, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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