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.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Fat Brands to Expand in Southern California
- FAT Brands Inc. Closes Acquisition of Hurricane Grill & Wings
- Fat Brands Inc. Acquires Hurricane Grill & Wings
- Fat Brands Expanding in India With Plans to Open 60 New Restaurants
- FatBrands Acquires Yalla Mediterranean
- Fat Brands to Open More Restaurants in Indonesian Market
- Franchisers Post 7.8% Increase in Banner Year
- Differential Brands Names Borromeo President of Hudson Jeans