TCA Closes GRILLiT Credit Line Term Sheet
GRILLiT announced that it executed a $3 million revolving credit facility with TCA Global Credit Master Fund. The company received the initial drawdown of $250,000 on Thursday, July 18, 2013 and, upon consent of the lender, may draw down additional amounts on the same terms up to a total amount of $3 million. The company plans to use the line of credit to carry out its expansion strategy by funding the acquisition and build out of GRILLiT store locations and funding additional marketing/branding campaigns.
The company is using the initial tranche for working capital, inventory, marketing programs, and initial capital requirements for the acquisition and retrofit of its third location adjacent to the University of Miami previously announced on July 17, 2013.
GRILLiT chairman and CEO, Ghazi Hajj commented, “Access to this credit facility will greatly strengthen our capacity to carry out our expansion for our corporately owned and future franchise locations. Further, we believe that as a result of the leverage that this facility affords us, the expense of the facility is significantly less than an all-equity alternative. Further, we are confident that TCA Global Credit will prove to be a reliable financial partner who will have the capacity to support our growth objectives.”
GRILLiT is a growing restaurant concept that marries fast casual to nutritious and healthy food, such as rice bowls, pasta and wraps as well as salads.