Arby's offers $485M in senior notes for BWW purchase
Arby's Restaurant Group, Inc. is putting a major financing vehicle in place to fund its Buffalo Wild Wings purchase first announced in November.
The company's direct parent entity, IRB Holding Corp., plans to offer $485 million of its senior notes due 2026 and use the net proceeds, together with cash on hand and other financing, to fund the pending acquisition. The notes will also go to refinance some of the existing Buffalo Wild Wings' debt and pay fees related to the purchase.
Once the sale is complete, Buffalo Wild Wings will be a privately-held sister company of Arby's and will operate as an independent brand.
The notes are being offered only to qualified institutional buyers.