(Bloomberg) -- Fast-food chain Raising Cane’s Restaurants LLC plans to borrow $500 million from the leveraged loan market to pay back existing debt, according to a person familiar with the matter.
Raising Cane’s, known for its chicken fingers and dipping sauce, will use the proceeds for general corporate purposes and to pay down borrowings on its revolving credit facility, the person said, asking not to be identified because the information is private.
Bank of America is leading the transaction and a lender call will be held Wednesday at 10 a.m. New York time, the person said. Commitments are due Sept. 10 at 12 p.m. ET.
Raising Cane’s and Bank of America didn’t immediately respond to requests for comment.
Tuesday’s offering marks the chain’s second time tapping the public debt markets. Last fall, the company sold $500 million of high-yield notes on more favorable terms than expected.
Founder Todd Graves owns almost a 90% stake in the closely held business, which has made him a multi-billionaire, Bloomberg reported last year. The Bloomberg Billionaires Index marks his net worth at $7.1 billion.
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