Consumer
Raising Cane’s Trims Margin on $500 Million Loan on Hot Demand
- Pricing tightened to 2 percentage points over SOFR benchmark
- Chicken finger chain sold first public debt offering last year
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Popular chicken finger chain Raising Cane’s Restaurants LLC sold a $500 million leveraged loan on Tuesday, after tightening pricing on the debt on the back of strong investor demand.
The Baton Rouge, Louisiana-based chain priced its seven-year senior secured term loan at 2 percentage points over the Secured Overnight Financing Rate, according to a person familiar with the deal. The loan priced at a discount of 99.75 cents on the dollar, the person said, asking not to be identified discussing private details.