Carrols Restaurant Group, Inc Enters into the Fourth Amendment to the Credit Agreement
January 20, 2017 at 03:08 pm EST
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On January 13, 2017, Carrols Restaurant Group, Inc. and certain subsidiaries of the company entered into the fourth amendment to the credit agreement with Wells Fargo Bank, National Association as administrative agent, and the lenders party thereto. On January 13, 2017, the company and the Guarantors entered into the Fourth Amendment. The Fourth Amendment amends the Credit Agreement dated as of May 30, 2012 among the company, the Guarantors, the Administrative Agent and the Lenders, as amended by the First Amendment to Credit Agreement dated as of December 19, 2014, the Second Amendment to Credit Agreement and First Amendment to Security Agreement dated as of April 29, 2015 and the Third Amendment to Credit Agreement dated as of February 12, 2016 (the Credit Agreement"). The Fourth Amendment, among other things, increased the aggregate maximum revolving credit borrowings by $18.0 million to a total of $73.0 million.
Carrols Restaurant Group, Inc. is a restaurant franchisee in North America. The Company operates two quick-service restaurant brands, Burger King and Popeyes. Burger King restaurants are quick service sandwich restaurants that feature the flame-grilled Whopper sandwich, as well as a range of hamburgers, chicken and other specialty sandwiches, wraps, French fries, breakfast items, snacks, soft drinks and more. It operates over 1,023 Burger King restaurants located in 23 Northeastern, Midwestern, Southcentral and Southeastern states. Popeyes restaurants are quick service chicken restaurants that feature a Louisiana-inspired home cooking styled menu including fried chicken, chicken sandwiches, chicken tenders and wings, fried shrimp and other seafood, red beans and rice and other regional offerings. It operates over 59 Popeyes restaurants in over six states. It conducts all its operations through its direct and indirect wholly owned subsidiaries, Carrols Corporation and New CFH, LLC.