RBS Citizens Joint Lead Arranger for $195 million credit facility for The Briad Group
Capital will support continued growth of leading hospitality company
BOSTON (June 18, 2012) - RBS Citizens has been named Joint Lead Arranger for a new six-year, $195 million senior secured bank credit facility for The Briad Group®, a leading restaurant and hospitality franchisee based in Livingston, New Jersey. Bank of America Merrill Lynch joins RBS Citizens as Joint Lead Arranger for this transaction, which was announced in May.
The Briad Group recently entered into a five-year development agreement with Carlson Restaurants Worldwide® to develop eight new TGI Friday's® locations in Southern California. With 71 locations, The Briad Restaurant Group LLC is the largest TGI Friday’s franchisee in the world.
"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."
"RBS Citizens is proud to be associated with The Briad Group, a recognized leader in the hospitality industry," said Dave Farwell, SVP and Division Executive for Franchise Finance at RBS Citizens. "The transaction is a great reflection on the capabilities of our organization and the strength of our team."
The Briad Group is one of the fastest growing hospitality companies in the United States with licensed franchise agreements for Wendy's, TFI Friday's, Corner Bakery Café®, 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-service frozen yogurt concept that is positioned for significant growth.
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,460 branches, approximately 3,800 ATMs and approximately 19,200 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG's website is citizensbank.com.