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City National Leads Lenders in $97MM Credit Facility for Meritage

October 24, 2016, 07:21 AM
Filed Under: Restaurant

Meritage Hospitality Group, Inc. closed on a new $97.0 million credit facility in a syndication led by City National Bank.

“This new credit facility will save the company approximately $1.0 million annually in interest expense and significantly increase our renovation and new build restaurant development capacity with an increased flexible development line of credit. The syndication partners have also provided Meritage an accordion feature for future Wendy’s acquisitions. We consider ourselves in the early stages of a major Wendy’s consolidation and investment cycle driven by acquisitions, restaurant renovations and new development. This new facility will greatly assist us in achieving continued profitable growth,” stated Meritage CEO, Robert Schermer, Jr.

Meritage earlier announced it has embarked on a new five-year business plan for 2017-2021, which management believes will result in continued significant sales and earnings growth over the next five years. The Company reported third quarter strong sales and earnings growth related to its reimaging campaign, acquisitions and newly opened locations.       

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 183 restaurants in operation located in Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio, Oklahoma and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a growing workforce of approximately 6,300 employees.

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