One of the largest Jack in the Box franchise operators has refinanced its existing debt with a new $91 million senior credit facility from GE Capital Franchise Finance, the lender said Tuesday.
JIB Management Inc., based in Fremont, Calif., operates 216 Jack in the Box restaurants in California and Texas, as well as 29 Denny’s locations in Northern California.
The new financing 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 Inc.
Anil Yadav, president of JIB Management, said in a statement that the credit facility included a strong syndicate of banks that provided the company with a development loan for future growth.
Yadav could not be reached Tuesday for comment.
JIB Management’s Jack in the Box units are among 1,602 locations franchised by the San Diego-based chain’s parent company Jack in the Box Inc.
As part of an ongoing refranchising initiative, Jack in the Box Inc., plans to sell between 80 and 120 units to franchisees in 2012.
The Jack in the Box quick-service chain includes 2,236 restaurants systemwide.