Advantica Completes Agreement for New $70 Million Credit Facility for Coco's and Carrows.SPARTANBURG, S.C.--(BUSINESS WIRE)--May 18, 1999-- Advantica Restaurant Group, Inc. (Nasdaq: DINE) announced today it has completed an agreement with a syndication of banks led by The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. and Credit Lyonnais New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Branch for a new, four-year, $70 million senior secured credit facility. The new credit facility, which will provide capital for Advantica's Coco's and Carrows brands, replaces the existing facility that was scheduled to expire August 1999. The new facility consists of a $30 million term loan and $40 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. "The new credit facility will provide the capital funding for a major repositioning and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of our 50-year-old Coco's brand," said James B. Adamson, chairman and chief executive officer of Advantica. "Initial results of our reimaging in three prototype restaurants in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, have outperformed expectations. Plans are underway to expand this initiative to up to 30 Coco's restaurants this year and roll-out the program companywide over the next two years." Advantica Restaurant Group, Inc. is one of the nation's largest restaurant companies in the United States, operating over 2,600 moderately-priced restaurants in the mid-scale and quick-service dining segments. Advantica owns and operates the Denny's, Coco's, Carrows and El Pollo Loco El Pollo Loco is a fast-food restaurant chain and Mexican grilled chicken franchise. "El Pollo Loco" is Spanish for "The Crazy Chicken". Juan Francisco Ochoa started the restaurant in Guasave, Mexico, in 1975. restaurant brands. Advantica news releases, fact sheets and financial information are available on its corporate web site at http:\\www.advantica-dine.com. |
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