Bojangles' Restaurants Inc. announced a refinancing of its $200 million senior debt facility, which is expected to significantly lower 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," said John Jordan, chief financial officer for Bojangles' Restaurants Inc.
Bojangles' now includes more than 530 restaurants in 10 states and Washington, D.C. The brand's same-store sales results have outperformed the general QSR segment for the past nine years, and the company is on track to generate $870 million in system-wide sales in 2012.
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