June 2, 2010

Wendy's/Arby's Restaurants Closes Refinancing

On May 24, 2010 Wendy's/Arby's Restaurants, LLC, a subsidiary of our client Wendy's/Arby's Group, Inc., the third largest quick-service restaurant company in the United States, completed a new $650 million senior secured credit facility (which includes a $150 million revolving credit facility and a $500 million term loan), with an accordion for additional term or revolving debt of up to $300 million. The proceeds of the new debt will be used to redeem all of the 6.25% Notes of Wendy's International, Inc. due 2011, which were called for redemption, to refinance the company's existing credit facility, to pay transaction fees and expenses, and for other corporate purposes. Bank of America and Citigroup were the lead arrangers for this financing. The Paul, Weiss team representing Wendy's/Arby's included corporate partners Valerie Radwaner, John Kennedy and Paul Ginsberg, counsel Bruce Gruder, associates David Carmona, Leslie Inamasu, Brian Janson, Justin Winegar and Marshall Yuan, and summer associate Charles Wolf; tax partner Jeff Samuels, counsel Alyssa Wolpin, and associate Ehab Farah; real estate partner Peter Fisch and associate Brandilyn Dumas; employee benefits partner Larry Witdorchic, and associates Reuven Falik and Kimberly Steefel; intellectual property counsel Claudine Meredith-Goujon and associate Zoe Hilden; and environmental counsel Bill O'Brien. The team was assisted by paralegals Tim Carney and Brooke Spiegel.