Pryor Cashman Represents Briad Restaurant Group in Securing $195 Million Credit FacilityMay 2, 2012
Pryor Cashman client The Briad Restaurant Group, L.L.C., one of the fastest growing hospitality companies in the U.S., has secured a new six-year $195 million senior secured bank credit facility.
Bank of America Merrill Lynch and RBS Citizens are the Joint Lead Arrangers with Regions Bank serving as Syndication Agent and M&T Bank serving as Documentation Agent. Lending participants included Capital One Bank, Cadence Bank, Wells Fargo, Sovereign Bank and AIG.
The new bank credit facility will provide new capital for growth to support The Briad Group and its brands including T.G.I. Friday’s®, Wendy’s®, Zinburger Wine & Burger Bar, and CUPS Frozen Yogurt – That’s Hot™.
The Briad Restaurant Group was represented by Pryor Cashman Partners William L. Levine and Wayne Heicklen in all phases of the transaction.
With 71 locations, The Briad Restaurant Group is the largest T.G.I. Friday’s franchisee in the world, and recently entered into a five-year development agreement with Carlson Restaurants Worldwide to develop eight new T.G.I. Friday’s locations in Southern California. The Briad Group’s also is a licensed franchisee for Corner Bakery Cafe, Marriott and Hilton.
To read some of the press coverage concerning the transaction, please click here.