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Moody's Investors Service, ("Moody's") today downgraded IRB Holding Corporation's ("IRB") senior secured bank ratings to B2 from B1 including the proposed $1.025 billion upsize to its existing senior secured term loan. Moody's also downgraded IRB's $485 million senior unsecured notes to Caa2 from Caa1.
Moody's Investors Service, ("Moody's") today placed all ratings of IRB Holding Corporation ("IRB") on review for downgrade including its B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating (PDR), B1 senior secured bank credit facility ratings and Caa1 senior unsecured note rating. The review for downgrade was prompted by IRB's recent announcement that it had signed a definitive agreement to acquire Sonic Corp. (Sonic) for approximately $2.3 billion in cash or just over 14 times Sonics 2017 unadjusted EBITDA and fund the acquisition with a combination of existing cash, incremental debt and cash common equity.
Paul Brown became the CEO of Arby's in 2013. Coming from Hilton Worldwide, his career move may have come as a surprise to some, but Brown was a believer in the brand. In just a few years, Brown brought Arby's to record sales. He'd go on to co-found Inspire Brands, which owns Arby's, Buffalo Wild Wings, Rusty Taco, and Sonic. Through the acquisitions and the turnarounds, Brown has maintained one thing across the brands: authenticity.
Inspire Brands CEO Paul Brown sits down with CNBC's "Power Lunch" to discuss Buffalo Wild Wings' partnership with Draft Kings for March Madness as well as the restaurant chain's broader strategy.