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Del Taco Holdings Inc. announced the completion of a debt refinance transaction worth $215 million.
The transaction, led by GE Capital, Franchise Finance, features new senior credit facilities, which include a $175 million term loan and a $40 million revolving line of credit. Net proceeds were used to refinance the company's existing senior credit facility and for a partial redemption of its senior subordinated debt.
"This transaction results in a significantly lower effective interest rate that enhances our capital structure, allowing for increased flexibility as we continue to invest in the business through growth in new and existing markets," said Steven Brake, executive vice president and chief financial officer for Del Taco Holdings Inc.
In 2012, Del Taco had systemwide sales of $608 million and currently operates 298 company-owned units with 253 franchised locations in 17 states.
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