Popeyes Louisiana Kitchen completed a $250 million, five-year senior secured revolving credit facility.

According to an 8-K SEC filing, Popeyes entered into an amended and restated credit agreement with Wells Fargo Bank as administrative agent, issuing bank and swingline lender. Bank of America served as syndication agent. The company’s previous credit facility had a debt limit of $135 million.

At closing, the stated interest under the new facility is determined using the LIBO Rate plus 150 basis points. The spread above the LIBO Rate adjusts from 150 to 250 basis points depending on the company’s total leverage.

The company borrowed $109 million to retire its previous facility, leaving approximately $141 million available to borrow and invest in the company’s growth strategies. The interest rate at closing under the new credit facility is 1.925%. In the first quarter of 2016, the company expects to defer approximately $1 million of fees associated with the refinancing.

“This new five-year credit facility provides more financial flexibility for our rapidly growing company. We are grateful to our lenders who collaborated closely with our team to complete this refinancing,” said Will Matt, CFO of Popeyes Louisiana Kitchen.

Popeyes Louisiana Kitchen is the franchisor and operator of Popeyes restaurants, the world’s second-largest quick-service restaurant chicken concept based on number of units.