Daily News: May 30, 2014

GE Capital Provides Financing to TGI Friday’s Franchisee

GE Capital Franchise Finance announced it provided $31 million to United Restaurant Group (URG) in a combined sale-leaseback and refinancing.

Based in Richmond, VA, URG is the second-largest franchisee of TGI Friday’s. It owns and operates 29 restaurants in Virginia, Delaware, North Carolina and South Carolina. The funds will be used to eliminate debt, continue reimaging projects and prepare for future growth.

“We were able to help position the company for growth,” said John Sullivan, a senior vice president with GE Capital, Franchise Finance. “We’ve built a strong relationship with Tony and his team and we look forward to their continued success.”

GE Capital served as administrative agent and GE Capital Markets served as sole lead arranger and bookrunner on the senior debt facility.