FFCA Provides $20.5 Million In Financing For 30 Econo Lube N' Tune Retail Stores.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 20, 1997--Franchise Finance Corporation of America (NYSE NYSE See: New York Stock Exchange :FFA FFA free fatty acids. ) ("FFCA FFCA Florida Fire Chiefs' Association FFCA Federal Facilities Compliance Act FFCA Federal Facilities Compliance Agreement ") announced today that it has provided $3.7 million in mortgage financing to Econo Lube N' Tune, Inc. ("Econo Lube") for 6 existing Econo Lube N' Tune retail stores. The transaction also provides a forward commitment totaling $16.8 million of mortgage financing for up to 24 new Econo Lube N' Tune stores to the Newport Beach, CA-based company. With 250 retail stores throughout California, Arizona, Nevada and Texas, Econo Lube is one of the largest chains in the U.S. that operates and franchises automotive convenience specialty service centers. Morton H. Fleischer, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FFCA, said, "Over the past year, FFCA has been exploring the capital needs of business operators in specialty retail markets. The automotive services market posed an opportunity for us to share our experience and knowledge of financing chain store locations as we have demonstrated in financing chain restaurants. We believe our ability to provide consistent, custom financing solutions will complement Econo Lube's comprehensive business strategy in the coming years to grow through acquisition or development of new company owned stores or franchised stores with their franchise development program." Tim O'Brien, Executive Vice President of Econo Lube, stated, "This first refinance transaction with FFCA has allowed us to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. our capital to the operating side of our business, improving our returns on equity. More importantly, FFCA's forward capital commitment for financing new locations allows us to focus on site selection and development and ultimately, to enjoy the benefits of site ownership. We're excited about this new relationship with FFCA and are pleased with the flexibility of their financing solutions." FFCA is a premier specialty finatomotive service and parts markets. FFCA's minatives, equipment loans, and construction and an 47 states (including interests in securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. loans). Restaurant chains represented in the company's portfolio include Applebee's, Arby's, Burger King, Hardee's, Jack in the Box, KFC KFC Kentucky Fried Chicken (restaurant chain) KFC Kenya Flower Council KFC Kitchen Fresh Chicken (Kentucky Fried Chicken motto) KFC Kung Fu Cult (Cinema) KFC Kitchen Fixed Charge , Taco Bell and Wendy's. CONTACT: Franchise Finance Corporation of America, Scottsdale Janelle Minter, Corporate Communications, 602/585-4500 |
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