Chanticleer plans new $85 million credit facility

By Sara Rosenberg

New York, Aug. 15 - Chanticleer Holdings Inc. received a commitment for an $85 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

The facility consists of a $13 million revolver and a $72 million term loan.

Proceeds will be used to help fund the acquisition of Hooter's Inc. and Texas Wings Inc., and for working capital, new unit capital expenditures and general corporate purposes.

Security is expected to be a first-priority perfected interest on substantially all of the real and personal property of the borrower and its subsidiaries.

Closing is subject to satisfactory completion of due diligence, satisfaction of certain financial covenants of the borrower and the businesses being acquired, evidence of certain agreed equity investments, consummation of the acquisitions, and the absence of any material adverse change on the borrower or the businesses being acquired.

The commitment expires on Oct. 18.

Chanticleer is a Charlotte, N.C., business development company, specializing in investing in undervalued small/micro-cap companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.