First Tennessee Bank’s Franchise Finance business led a $120 million new senior secured credit facility for Memphis, TN-based Wendelta Property Holdings, the real estate holding company for Carlisle. The financing includes a $110 million term loan and an unfunded $10 million development line of credit to support continued new store development.
First Tennessee served as administrative agent and lead arranger for this transaction. Fifth Third Bank served as joint lead arranger.
“We have had a relationship with First Tennessee Bank for 25 years or more,” said Chance Carlisle, president and CEO of Wendelta and Wendelta Property Holdings. “We value how well they understand the restaurant industry and apply that knowledge to help our business.”
Affiliated company and WDPH tenant Wendelta is a Wendy’s franchisee that owns and operates 150 Wendy’s restaurants in Alabama, Arkansas, Florida, Louisiana, Mississippi and Texas. WDPH and WDI were previously co-borrowers under an existing credit facility, which was refinanced in full, effectively splitting WDPH (real estate company) and WDI (operating company), each with its own separate credit facility.
“By structuring a transaction that separated the real estate assets from the operating business, we were able to help Wendelta increase the amount of capital available, while also reducing the overall cost of that capital and providing more flexibility as they continue to grow,” said Dave Alexander, senior vice president with First Tennessee Bank, Franchise Finance.
Monitor 100 2018
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