GE Capital Canada Completes Imvescor Refinancing
Imvescor Restaurant Group announced the completion of a refinancing of its senior credit facility with GE Capital, Canada. IRG’s new credit facility from GE Capital consists of a $37.1million term loan, maturing in August 2015.
The proceeds of the new credit facility have been applied to fully repay the company’s existing fixed rate senior debt facilities and two third-party loans, totaling $37.1 million. The new credit facility provides for a BA floating rate structure with an option to convert to a fixed rate.
“We are very pleased to announce a renewed relationship with GE Capital, following a rigorous market canvass. Our new credit facility not only lowers our financing costs and improves our overall capital structure, but more importantly it marks a turning point for the Company in that we are now in a position to concentrate all of our energies towards the execution of our strategic initiatives,” said Denis Richard, president and CEO of IRG.
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