June 30, 2009
Church's Chicken nets US$150 million from lenders
San Antonio-based fast food chain operator Church's Chicken has received a US$150 million credit facility from its lenders.
Church's will pay the lenders an interest rate of Libor plus 750 bps. The lenders are Bank of America, Golub Capital and Wells Fargo.
The proceeds from the facility will be used to fund the acquisition of the company by Friedman Fleischer & Lowe from Arcapita.
The total amount of the deal is about US$390 million. The acquisition is expected to close in the next 30 days.
