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Wendy's Completes $1.325 Billion Senior Credit Facility and Tender Offer
Paul, Weiss advised Wendy's International, Inc., a subsidiary of our client, The Wendy's Company, the second largest quick-service restaurant company in the United States, in completing a new $1.325 billion senior secured credit facility. The facility includes a $200 million revolving credit facility and a $1.125 billion term loan, with an accordion for additional term or revolving debt of up to $275 million. The proceeds were used to repay approximately $466.7 million of outstanding indebtedness under the existing senior credit facility of Wendy's Restaurants, to purchase $124.2 million aggregate principal amount of 10.00% senior notes due 2016 of Wendy's Restaurants in a tender offer and to pay related fees and expenses. On May 15, the day the credit facility closed, Wendy's Restaurants completed a cash tender offer for any and all of its outstanding 10.00% senior notes. Wendy's Restaurants purchased approximately 22 percent of its outstanding $565 million principal amount of 10.00% senior notes in the tender offer. Bank of America and Wells Fargo Securities served as joint lead arrangers and joint book managers for the credit facility; Bank of America served as dealer manager for the tender offer.
The Paul, Weiss team representing Wendy's includes corporate partners Valerie E. Radwaner, John C. Kennedy and Paul D. Ginsberg and counsel Bruce Gruder; tax partner Jeffrey B. Samuels and counsel Alyssa F. Wolpin; real estate partner Peter E. Fisch; employee benefits partner Lawrence I. Witdorchic and counsel Reuven Falik; intellectual property counsel Claudine Meredith-Goujon; and environmental counsel William J. O'Brien.