IRB Holding Corp. Assigned 'B' Rating On Announced Financing For Buffalo Wild Wings Acquisition; Outlook Stable

U.S.-based restaurant company IRB Holding Corp. announced its financial plan for the $2.9 billion acquisition of Buffalo Wild Wings, which will be funded by a new $1.575 billion first-lien term loan B, $485 million senior unsecured notes, $890 million of common equity, and a $23 million incremental draw on Arby's existing Variable Funding Notes, and a modest amount of cash on hand. We are assigning a 'B' corporate credit rating to ARG Holding Corp. (parent company) and IRB Holding Corp. (borrower of the new senior secured credit facility and new senior notes). We are also assigning a 'B' issue-level rating with a '3' recovery rating to the new senior secured credit facility, which includes a $150 million revolving credit facility

...+ U.S.-based restaurant company IRB Holding Corp. announced its financial plan for the $2.9 billion acquisition of Buffalo Wild Wings, which will be funded by a new $1.575 billion first-lien term loan B, $485 million senior unsecured notes, $890 million of common equity, and a $23 million incremental draw on Arby's existing Variable Funding Notes, and a modest amount of cash on hand. + We are assigning a 'B' corporate credit rating to ARG Holding Corp. (parent company) and IRB Holding Corp. (borrower of the new senior secured credit facility and new senior notes). + We are also assigning a 'B' issue-level rating with a '3' recovery rating to the new senior secured credit facility, which includes a $150 million revolving credit facility and a $1.575 billion first-lien term loan B, and a '###+' issue-level rating with a '6' recovery rating to the new $485 million senior unsecured notes. + The stable outlook reflects our expectation that the company will continue to open new units and increase...

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