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The Briad Group has announced that it has entered into a new six-year $195 million senior secured bank credit facility. Bank of America Merrill Lynch and RBS Citizens are the joint lead arrangers with Regions Bank serving as syndication agent and M&T Bank serving as documentation agent.
Lending participants included Capital One Bank, Cadence Bank, Wells Fargo, Sovereign Bank and AIG.
The new bank credit facility will provide new capital for growth to support The Briad Group and its brands, which includes Wendy's.
Other brands in the company's portfolio that will benefit include T.G.I. Friday's, Zinburger Wine & Burger Bar and CUPS Frozen Yogurt – That's Hot.
"This is a significant milestone for the company as the new credit facility will allow us to support and grow our new concepts like CUPS and Zinburger, as well as our mature brands, T.G.I. Friday's and Wendy's," said Brad Honigfeld, chief executive officer of The Briad Group. "It's a testament to The Briad Group's management team and their ability to drive sales and growth during these tough economic times."
The Briad Group recently entered into a five-year development agreement with Carlson Restaurants Worldwide to develop eight new T.G.I. Friday's locations in Southern California. With 71 locations, The Briad Restaurant Group LLC is the largest T.G.I. Friday's franchisee in the world.
On March 16, an affiliate of The Briad Group announced national franchise opportunities for CUPS Frozen Yogurt - That's Hot, a beach-themed self-serve frozen yogurt concept that has four locations in New Jersey. The company has sold 10 franchise locations so far this year and plans to build as many as 50 company-owned stores with an aggressive goal of 100 units within 5 years. There are currently 12 CUPS units under various stages of development. CUPS is now franchising in 34 states.
The Briad Group is headquartered in Livingston, N.J., and is a licensed franchisee for Wendy's, T.G.I. Friday's, Corner Bakery Cafe, Marriott, Hilton and a licensee for Zinburger Wine & Burger Bar. The Briad Group also owns and operates CUPS Frozen Yogurt - That's Hot.
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