, UK

Pret A Manger launches dividend recap deal

The dividend recap and refinancing deal is worth £589 million.

The new deal comprises a £479 million term loan ‘B’ guided at 500bp over Libor, offered at 98 on new debt with a 0% floor, and maturing 2022. The offer price to new money has since been tightened to 98.5. A £60m five year capex facility, guided at 475bp over Libor.

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Exclusives

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