SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital’s Franchise Finance business announced today that it has provided $80 million in senior debt to BurgerBusters Inc., a Taco Bell franchisee. GE Capital served as administrative agent and GE Capital Markets served as lead arranger and bookrunner on the transaction.
BurgerBusters will use the capital to refinance existing debt and to purchase some of its restaurant locations. Based in Virginia Beach, VA, it operates 83 Taco Bell restaurants.
“We have had a relationship with GE Capital since 2001. We value how well they understand the restaurant industry and apply that knowledge to help our business,” said Tassos Paphites, chairman / CEO of BurgerBusters.
“This transaction provided our customer with improved cash flow and flexibility to continue to grow,” said John Sullivan, senior vice president with GE Capital, Franchise Finance. “We look forward to working closely with them as they continue their development.”
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. With more than 30 years of experience and over $7 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts works with entrepreneurial customers to help them develop individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit http://www.gefranchisefinance.com or follow company news via Twitter (https://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.