Luihn VantEdge Partners sets talk on $280M 1st-lien, $65M 2nd-lien term loans

Lead arranger Citizens has launched the $280 million first-lien and $65 million second-lien covenant-lite term loans for Luihn Vantedge Partners LLC, according to sources. Commitments will be due on Nov. 23.

The seven-year first-lien term loan will be offered at L+450, with a 0.50% Libor floor and an original issue discount of 99, while the eight-year second-lien term loan is talked at L+750, with a 0.50% Libor floor and an OID of 98.5. The first-lien tranche will have six months of 101 soft call protection and the second-lien tranche will have hard calls of 102 and 101 in years one and two, respectively.

At initial guidance, yield to maturity is 5.28% on the first-lien term loan and 8.52% on the second-lien tranche.

Proceeds from the deal will be used to finance an acquisition and refinance existing debt.

Luihn VantEdge Partners, backed by VantEdge Partners, is an owner and operator of 172 restaurants, most of which are Taco Bells, across five states primarily in the southeast U.S.