(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.
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