BankBoston Arranges $10 Million Secured Credit Agreement for Rubio's Restaurants, Inc.BOSTON--(BUSINESS WIRE)--June 3, 1998--BankBoston today announced the signing of a $10 million secured credit agreement with Rubio's Restaurants, Inc. of San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . The new credit facility, which consists of a three-year 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. line and a three-year term loan, will enable Rubio's to refinance existing debt and will provide capital to finance future growth. Rubio's currently operates nearly 50 upscale, quick service Mexican restaurants, under the name Rubio's Baja Grill 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, , Phoenix, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , and will open a restaurant later this year in Denver. Rubio's projects 1998 gross revenues of $46 million, up from $30 million in 1997. "Rubio's alliance with BankBoston supports our near-term goal to grow to 125 company-owned units, with over $100 million in sales, by the year 2000," said Jim Stryker, Rubio's Chief Financial Officer. BankBoston Restaurant Division Executive Rod Guinn noted that "this transaction will help Rubio's expand its concept from Southern California where it has shown great strength, to other parts of California and other regions of the country." Guinn added that BankBoston "worked very closely with Rubio's management to create a financing package that will give the company the additional borrowi BankBoston's Restaurant Division is the nrant industry, BankBoston has over $1 billion ing Latin American markets. The Corporation's common and preferred stocks are listed on the 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 and Boston stock exchanges The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. .
CONTACT: BankBoston
Kristen Habermann
(617) 434-6883
or
Brice & Associates
Rubio's Restaurants, Inc.
John Brice
(619) 456-3855
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