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Bojangles' parent obtains financing to reduce chain's debt
August 5, 2009
Bojangles' Restaurants Inc. has received $70 million in refinancing from parent company Falfurrias Capital Partners, a Charlotte, N.C.-based private equity firm, to reduce debt and lower interest costs for the chain, according to a story by the Charlotte Observer. A banking group led by Bank of America Corp. and Wells Fargo & Co. provided the senior-term loan and credit facility in the transaction, with BB&T Corp. and Regions Financial Corp. also participating.
Falfurrias founders Hugh McColl Jr. and Marc Oken were previously executives at Bank of America. Oken said the financing was a sign of a credit thaw rather than reflective of their prior relationship with the bank.
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