Bloomberg News

NPC International Seeks $450 Million in Olympus LBO Loans

November 23, 2011

(Adds transaction details in fourth paragraph)

Nov. 22 (Bloomberg) -- NPC International Inc. is seeking $450 million in loans backing Olympus Partners’ buyout of the Pizza Hut franchisee from Bank of America Corp., according to a person with knowledge of the transaction.

Barclays Plc and Goldman Sachs Group Inc. are arranging the deal for the Overland Park, Kansas-based company, which will include a $375 million term loan and a $75 million revolving line of credit, said the person, who declined to be identified because the terms are private.

The banks will host a lender meeting on Nov. 29 in New York to discuss the financing, the person said.

Bank of America agreed to sell its stake in NPC for about $775 million and will receive about $400 million in proceeds after the debt of NPC is assumed, according to data compiled by Bloomberg.

Troy Cook, chief financial officer of NPC, didn’t respond to an e-mail seeking comment.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.

--Editors: Chapin Wright, Faris Khan

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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