FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


IBGR Receives $3MM Facility From TCA Global Credit Master Fund

June 12, 2015, 07:27 AM
Filed Under: Restaurant

ILLEGAL Restaurant Group Inc. (IBGR), the company, functioning as a holding company within the fast casual sector and operating under its subsidiary, ILLEGAL BURGER LLC, announced it has closed a senior secured revolving credit facility of up to $3 million with TCA Global Credit Master Fund, LP. The credit facility with TCA will provide operating capital and funding for acquisitions and expansions.

Jim Nixon, Founder and CEO stated today; "We are extremely excited to be working with TCA and our recent completion of our funding agreement with TCA Global Credit Master Fund, LP. An initial draw of $375,000 less transaction expenses, will be used to implement the beginning of our proposed expansion operations. The company intends to use the remaining facility primarily to fund the growth of future acquisitions and additional restaurant locations. Additional draws up to $3 million under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, and subject to continuing compliance with the terms of the revolving credit facility."

Nixon also stated, "In no way is this a share backed credit facility, but a credit facility backed by the company's assets, therefore maintaining and growing shareholder value in a non-dilutive transaction that will help continue to grow the company."

ILLEGAL Restaurant Group Inc., a holding company, operates ILLEGAL BURGER, a Denver Colorado based Fast Casual Burger and Bar Restaurant chain, that was created to change the way people look at burgers. Founded by Jim Nixon in 2013, ILLEGAL BURGER has established a foothold in the Denver, Colorado area by providing great service and high quality food. From the details of our sustainable decor, to the quality products used in every aspect of our food, ILLEGAL BURGER is in line to expand into the national marketplace as a leader in the fast casual dining sector. 

TCA's Global Credit Master Fund is a short duration, absolute return niche Credit fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, the United Kingdom and Australia. This specialist business helps to fill the underserved small-cap lending gap, which exists in these markets.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.