Carrols Restaurant Group Enters into $185 Million Revolving Credit Facility
SYRACUSE, N.Y. - Carrols Restaurant Group, Inc. (Nasdaq: TAST), the parent company of Carrols Corporation, has entered into a loan agreement providing for a new senior secured credit facility with a syndicate of ten lenders. The new senior secured credit facility provides for a $65 million five-year revolving credit facility and $120 million principal amount of term loan A borrowings which mature in six years. Wachovia Capital Markets, LLC and Banc of America Securities LLC acted as joint arrangers and book managers.
Carrols used the net proceeds from the new senior secured credit facility to repay all outstanding borrowings and obligations under its old senior secured credit facility. At closing, amounts outstanding under the new senior credit facility included the $120 million term loan borrowings and $4.3 million borrowed under the revolving credit facility. In addition, there was $45.7 million available for borrowings under the revolving credit facility (after reserving $15.0 million for letters of credit guaranteed under the facility).
Alan Vituli, Chairman and Chief Executive Officer of Carrols Restaurant Group, Inc. commented, "We are pleased to have closed this financing, which we believe will provide us with the flexibility to fund the capital needs of our growing business, and at more favorable interest rates than under our prior senior credit facility. We anticipate that the availability of capital under this agreement will facilitate our growth plans as we move forward.”
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.