Popeyes completes refinancing

Share This:
Search for similar articles by keyword: [Food Service]
ATLANTA — Popeyes Louisiana Kitchen Inc. recently completed a five-year $250-million revolving credit facility.

“This new five-year credit facility provides more financial flexibility for our rapidly growing company,” said Will Matt, CFO. “We are grateful to our lenders who collaborated closely with our team to complete this refinancing.”

Popeyes borrowed $109 million to retire a previous facility, leaving approximately $141 million available to borrow and invest in the company’s growth strategies. The interest rate at closing under the new credit facility is 1.925 percent. In the first quarter of 2016, Popeyes said it expects to defer approximately $1 million of fees associated with the refinancing.

Interest under the new facility is determined using the LIBO Rate plus 150 basis points, the company explained. The spread above the LIBO Rate adjusts from 150 to 250 basis points depending on the company’s total leverage.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.