Wells Agents Revolver for Popeyes Before Sale to Burger King

On February 15, Popeyes Louisiana Kitchen amended its credit agreement with Wells Fargo as administrative agent. On February 21, Burger King purchased the company for $1.8 billion in a transaction scheduled to close in April.

“We are pleased to report another year of strong performance at Popeye’s,” said Cheryl Bachelder, Popeyes CEO in the company’s Q4/16 report. “Driving the top line through a careful balance of innovative offerings and core menu value has created momentum in the fourth quarter, despite challenging market conditions. In 2016, we delivered global same-store sales growth of 1.7%, our 8th consecutive year of positive same-store sales growth, and 216 new restaurant openings around the world.”

The credit amendment consists of a $150 million dollar revolving loan expansion under the 2016 credit facility. This expanded capacity will give the company access to a total of $400 million dollars of revolving debt capacity. The company currently has drawn $155.5 million of this total debt capacity. Availability for short-term borrowings and letters of credit under the revolving credit facility after giving effect to this transaction was $244.4 million. The facility is scheduled to mature on January 22, 2021. There are no required principal payments due prior to the maturity date.

Wells Fargo served as administrative agent, swingline lender and issuing lender. Bank of America was syndication agent. Capital One and Regions were co-documentation agents. Wells Fargo Securities and Merrill Lynch were joint lead arrangers and joint bookrunners.

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

  • Hidden
  • RAM Group Holdings does not share or sell your personal information. The information we ask you to furnish is limited to what is needed to process your order fully and completely. You may unsubscribe at any time. View our Privacy Policy.
  • Please Confirm permission for Monitor/Monitordaily to e-mail you.
  • Hidden

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.