TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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March 9, 2022
Source: Businesswire
ATLANTA--(BUSINESS WIRE)--Hooters of America, LLC (the “Company,” or “HOA”) announced today that Hawk Parent, LLC, an indirect parent entity of the Company, has successfully closed on a credit facility (the “Credit Facility”) with an unaffiliated lender. The Credit Facility provides for a $70 million, 5-year senior secured term loan. The loan has a scheduled maturity date in March 2027 but will amortize on a quarterly basis based on a percentage of available funds to the borrower. HOA has provided a guaranty of the loan (subject to certain limitations under the documentation governing its subsidiaries’ separate securitization financing), which is secured, in addition to other collateral, by its right to receive the equity residual and management fees to the extent payable by its subsidiaries under the securitization. The other financial terms of the loan were not disclosed. The Credit Facility contains customary restrictive covenants, including with respect to the incurrence of indebtedness and liens and the payment of distributions.
The Company intends to use the proceeds of the Credit Facility for working capital and general corporate purposes, fund certain pledged accounts, pay transaction costs and to fund distributions to its ultimate parent entity.
About Hooters of America
Hooters of America, LLC is the franchisor and operator of restaurants under the Hooters and hoots wings brands. Founded in 1983 and headquartered in Atlanta, GA, the Hooters system includes 379 restaurants with 314 domestic locations across 37 states and 65 international locations in 18 foreign countries as of February 20, 2022. System-wide sales totaled approximately $920 million as of the twelve months ending February 20, 2022 and the system is approximately 47% franchised. For more information, please visit Hooters’ website (www.hooters.com).
Contacts
Stephen Brown
Cookerly PR
404-816-2037
stephen@cookerly.com
