Bojangles’ Restaurants announced a refinancing of its $200 million senior debt facility, significantly lowering its borrowing costs.
Bank of America Merrill Lynch served as lead arranger with Wells Fargo, Fifth Third Bank, and Regions Bank as joint lead arrangers.
KeyBank, Cadence Bank, and Royal Bank of Canada also participated in the facility.
“This is a big step forward for Bojangles’ and provides a new platform, which will strengthen our overall financial performance and accelerate new growth plans,” says John Jordan, chief financial officer for Bojangles’ Restaurants.
With more than 530 restaurants in 10 states and Washington, D.C., Bojangles’ is one of the fastest-growing restaurant chains in the country.
As a regional brand, Bojangles’ same-store sales results have outperformed the broader quick-service restaurant industry over the past nine years, and the chain continues to experience higher growth rates than its national competitors.
The company is also on track to generate $870 million in system-wide sales in 2012.