Daily News: March 6, 2012

GE Capital Provides $91 Million to Restaurant Franchisee JIB

GE Capital, Franchise Finance provided a $91 million senior agented credit facility to JIB Management, a Jack in the Box and Denny’s franchise company. The financing, primarily to refinance existing debt, included a syndicated $81 million term loan and a $10 million development line of credit.

A portion of the funding was provided through GE Capital’s bank affiliate, GE Capital Financial. GE Capital Markets was the sole lead arranger and bookrunner.

“GE Capital’s knowledge of the industry, and of JIB Management, enabled them to complete a comprehensive, $91 million credit facility that included a strong syndicate of banks that provided us with a development loan for future growth,” said Anil Yadav, president, JIB Management, Inc. JIB Management was represented by the Law Office of Sanjay Ahuja in this transaction.

Based in Fremont, CA, JIB Management is one of the largest multi-unit franchise companies in the country with 216 Jack in the Box units throughout California and Texas and 29 Denny’s restaurants in Northern California.

“We are pleased to be able to deliver one of the largest, non-sponsor-owned franchisee syndications in recent history of restaurant financing,” explained Todd Cortell, senior vice president, GE Capital, Franchise Finance. “On top of that, our relationship with the Jack in the Box and Denny’s brands enabled us to close on this complex deal in a short period of time.”