Carrols to get $85 million credit facility for loan, notes refinancing

By Sara Rosenberg

New York, July 22 - Carrols LLC plans on getting a new $85 million credit facility, according to a news release.

The facility consists of a $20 million revolver and a $65 million term loan.

Proceeds will be used, along with $200 million of senior secured second-lien notes, to repurchase 9% senior subordinated notes due 2013 and repay outstanding bank debt.

Carrols LLC is a subsidiary of Carrols Restaurant Group Inc., a Syracuse, N.Y.-based operator of restaurant brands in the quick-casual and quick-service segments.

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