The Briad Group® Establishes New 6-Year $195 Million Senior Secured Bank Credit Facility
LIVINGSTON, N.J., May 1, 2012 /PRNewswire/ -- Restaurant and hospitality leader The Briad Group® announced today that it has entered into a new six-year $195 million senior secured bank credit facility. Bank of America Merrill Lynch and RBS Citizens are the Joint Lead Arrangers with Regions Bank serving as Syndication Agent and M&T Bank serving as Documentation Agent. Lending participants included Capital One® Bank, Cadence Bank, Wells Fargo, Sovereign® Bank and AIG.
The new bank credit facility will provide new capital for growth to support The Briad Group and its brands including T.G.I. Friday's®, Wendy's®, Zinburger Wine & Burger Bar and CUPS Frozen Yogurt – That's Hot™.
"This is a significant milestone for the company as the new credit facility will allow us to support and grow our new concepts like CUPS and Zinburger, as well as our mature brands, T.G.I. Friday's and Wendy's," said Brad Honigfeld, chief executive officer of The Briad Group. "It's a testament to The Briad Group's management team and their ability to drive sales and growth during these tough economic times."
The Briad Group recently entered into a five-year development agreement with Carlson Restaurants Worldwide to develop eight new T.G.I. Friday's locations in Southern California. With 71 locations, The Briad Restaurant Group, LLC is the largest T.G.I. Friday's franchisee in the world.
On March 16, an affiliate of The Briad Group announced national franchise opportunities for CUPS Frozen Yogurt – That's Hot™, the beach-themed self-serve frozen yogurt concept, which currently has four locations in New Jersey. The company has sold ten franchise locations so far this year and plans to build as many as 50 company owned stores with an aggressive goal of 100 units within 5 years. There are currently 12 CUPS units under various stages of development. CUPS is now franchising in 34 states.
The Briad Group announced on February 14 a licensing agreement with Fox Restaurant Concepts to expand Zinburger Wine & Burger Bar. The Briad Group has the rights to Zinburger in all 23 states east of the Mississippi.
About The Briad Group®
The Briad Group is headquartered in Livingston, N.J., and is one of the fastest growing hospitality companies in the U.S. The Briad Group's entities are: licensed franchisees for Wendy's, T.G.I. Friday's®, Corner Bakery Cafe, Marriott, Hilton and a licensee for Zinburger Wine & Burger Bar. The Briad Group also owns and operates CUPS Frozen Yogurt - That's Hot™, a self-serve frozen yogurt concept that is poised for explosive growth.
SOURCE The Briad Group
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