Bojangles’ Secures $200 Million in Refinancing
Financing Commitment Allows Fastest-Growing Restaurant Chain to Accelerate its Aggressive Expansion
October 23, 2012 // Franchising.com // CHARLOTTE, N.C. – Bojangles’ Restaurants, Inc. announced today a refinancing of its $200 million senior debt facility, significantly lowering its borrowing costs. Bank of America Merrill Lynch served as lead arranger with Wells Fargo, Fifth Third Bank and Regions Bank as joint lead arrangers. KeyBank, Cadence Bank and Royal Bank of Canada also participated in the facility.
“This is a big step forward for Bojangles’ and provides a new platform which will strengthen our overall financial performance and accelerate new growth plans,” said John Jordan, Chief Financial Officer for Bojangles’ Restaurants, Inc.
With more than 530 restaurants in 10 states and Washington, D.C., Bojangles’ is one of the fastest growing restaurant chains in the country. As a regional brand, Bojangles’ same-store sales results have outperformed the broader QSR industry for over the past nine years, and the chain continues to experience higher growth rates than its national competitors. The company is also on track to generate $870 million in system-wide sales in 2012.
Founded in 1977 in Charlotte, N.C., Bojangles' Restaurants Inc. serves only the highest quality and most flavorful food to its loyal customers, with all of its proprietary menu items made from scratch. A special blend of seasonings gives the food its unique flavor, including Bojangles’ core menu selections of seasoned chicken, fresh-made-from-scratch buttermilk biscuits and Legendary Iced Tea™ steeped the old-fashioned way. Bojangles’ also offers biscuit sandwiches that are served all day. Unique sides like Dirty Rice™, Cajun Pintos™ and Seasoned Fries are just a few of the flavorful fixin’ choices. First franchised in 1978, Bojangles' boasts more than 530 locations in 10 states and Washington, D.C., primarily in the Southeast.
In the 2011 and 2012 Nation’s Restaurant News survey, Bojangles’ ranked number one in terms of new unit growth in the chicken category. Among drive-thru, quick service concepts, Bojangles’ was the fastest growing chain in the same survey. QSR magazine recognized Bojangles’ in its list of 2011 and 2012 “Top 10 Franchise Opportunities” and GE Capital listed the brand as one of the top 10 growth concepts in 2010. Inc magazine has included Bojangles’ in its list of fastest growing private companies for several years. The company's strong performance in all three day parts, breakfast all day and its “made-from-scratch” recipes set Bojangles’ apart from all other restaurants. For more information, visit http://www.bojangles.com.