Jack in the Box announced completion of its sale of Qdoba to Apollo Global Management in a $305 million cash deal, ending the burger chain’s 15-year ownership of the fast-casual Mexican brand. Affiliates of Apollo, which also owns the parent companies of the Chuck E. Cheese’s and Peter Piper Pizza dining-and-entertainment brands, inherit more than 700 owned and franchised Qdoba restaurants in the U.S. and Canada. When Jack in the Box purchased Qdoba in 2003, the chain had 85 locations in 16 states.

Jack in the Box also announced the completion of an amendment to its existing senior credit facility. The maturity date for both the revolving credit facility and the term loan was extended to March 2020. In connection with the sale of Qdoba Restaurant, the company will make a prepayment of $260 million to retire outstanding debt under its term loan, as required by the terms of its credit facility.

Wells Fargo Securities served as lead arranger and lead bookrunner for the amendment.

“We’re pleased that our lenders have the confidence in our business model to increase our borrowing capacity without waiting for completion of our refranchising strategy,” said Lenny Comma, chairman and chief executive officer of Jack in the Box. “We remain comfortable with ultimately increasing our leverage to 5.0 times EBITDA. The extension of our credit facility is an interim step that provides an immediate increase in our borrowing capacity to 4.5 times EBITDA while we work with our advisors to evaluate longer-term financing alternatives.”

San Diego-based Jack in the Box, a restaurant company that operates and franchises Jack in the Box restaurants, is one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam.