RBS Citizens leads $98 million credit facility for Border Foods, Inc.
Deal includes refinancing and lines of credit to assist with location reimaging and potential acquisitions
Boston (June 6, 2013) – RBS Citizens today announced the closing of a $98 million, seven-year senior credit facility with Border Foods, Inc., a leading national franchisee of Taco Bell restaurants.
RBS Citizens is serving as Sole Lead Arranger, Book Runner and Administrative Agent for the transaction. Other lenders include BMO Harris Bank as Documentation Agent and City National Bank.
The transaction includes a $75.8 million term loan to refinance existing debt, a $17.2 million development line of credit that will be used to reimage existing locations and to finance potential real estate purchases, and a $5 million revolving line of credit to be used for working capital.
"RBS Citizens knows our industry very well and has delivered good ideas and a creative approach to financing our growth strategy," said Lee Engler of Border Foods. "This transaction will help us to build on our tradition of flexibility and agility in responding to the ever-changing needs of our customers."
"Border Foods is successful because they focus on the fundamentals that are critically important in this industry – hiring the right people, emphasizing teamwork and maintaining a strong commitment to their customers," said Dave Farwell, Head of Franchise Finance for RBS Citizens. "We are pleased to be leading Border Foods’ financing team and congratulate Jeff and Lee Engler on this transaction as we support their continued growth."
The RBS Citizens Franchise Finance group is focused on meeting the banking and financing needs of the Restaurant and Retail Petroleum/C-Store Industries. With extensive industry expertise, RBS Citizens offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services, and interest rate derivatives along with a full range of traditional commercial banking products and services.
For information about the RBS Citizens Franchise Finance Group, contact us at 1-855-782-8242 or firstname.lastname@example.org. More information is also available online.
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $127 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, approximately 3,600 ATMs and more than 19,000 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.
Border Foods, Inc. is a locally-owned franchisee of Taco Bell restaurants. They currently operate locations throughout Minnesota, Wisconsin, South Dakota and Wyoming with the majority based in the Twin Cities.