Daily News: September 13, 2017

Cadence Upsizes Good Times Restaurants Facility to $12MM

Denver-based Good Times Restaurants, operator of Good Times Burgers & Frozen Custard and Bad Daddy’s Burger Bar, amended its credit agreement with Cadence Bank, expanding the senior credit facility from $9 million to $12 million.

Ryan Zink, CFO, said, “Cadence Bank’s significant experience in restaurant lending has enabled them to be a great partner with us as they continue to show flexibility based on our projected capital needs for growth and development. This amendment retains the attractive pricing of the original agreement with a larger commitment and terms that facilitate our continued growth.”

Annualized sales for the six new Bad Daddy’s opened so far this year are averaging above its $2.5 million annual sales target, laying the foundation for its growth in fiscal 2018.

Boyd Hoback, president and CEO, said, “Our most recent opening in Norman, OK has gone very well and initial sales and guest feedback are very encouraging in a brand-new market for us. We plan to open our fifth Bad Daddy’s in the Charlotte metropolitan area and one in Greenville, NC by October 3 which will be our seventh and eighth new Bad Daddy’s this year. We are also under construction on our first store in the Atlanta market. We are thrilled with the relationship we’ve established with Cadence Bank and hope to continue to expand that relationship to meet our capital needs for continued growth into fiscal 2019.”