Chick-fil-A Sells $650 Million of Investment-Grade Private Debt

Fast-food chain Chick-fil-A Inc. sold $650 million of bonds in a private placement, according to a person with knowledge of the matter.

The Atlanta-based company known for its fried chicken sandwiches borrowed in part to refinance existing debt, said the person, who asked not to be named discussing private information. Bank of America Corp. arranged the financing, the person added.