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BofA Provides $7.5MM Revolver to Franchise Services of North America

June 17, 2013, 07:22 AM
Filed Under: Rental News
Related: Bank of America

Franchise Services of North America, Inc. ("FSNA" or the "Company") announced that the Company closed on a $7.5 million revolving credit facility with Bank of America. The facility was put in place to support further the recently acquired Advantage Rent A Car brand in its strategic and operational efforts since its divestiture from the Hertz Corporation in December 2012. The facility bears interest at Libor + 350 bps, and is supported by the Company's major shareholder, Macquarie Capital. The facility also replaces the subordinated debt facility made available previously by Macquarie Capital.

FSNA's previously announced acquisition of the Advantage brand by way of merger (the "Merger") between a wholly-owned subsidiary of FSNA and Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie Capital, was completed in May 2013.

FSNA is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own the following brands: Advantage Rent A Car ("Advantage"), U-Save Car & Truck Rental, U-Save Car Sales, Rent-A-Wreck of Canada, Practicar, Auto Rental Resource Center ("ARRC"), Xpress Rent A Car and Peakstone Financial Services.

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