Restaurant franchising company Fat Brands Inc. announced July 5 that it had entered a $16 million senior credit facility to help complete its previously announced acquisition of Hurricane Grill and Wings.
The Beverly Hills-based company said the remaining proceeds will be used to pay existing debt and future acquisitions.
“This financing enables the completion of our acquisition of Hurricane, while strengthening our balance sheet and providing the capacity to pursue additional accretive acquisitions,” Andy Wiederhorn, chief executive of Fat Brands said in a statement.
The $16 million financing matures on June 30, 2020, the company said.
Fat Brands went public last fall and is a subsidiary of Beverly Hills-based Fog Cutter Capital Group Inc.
Manufacturing, retail and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org or 323-556-8351. Follow her on Twitter @shwanika.