ATLANTA Wendy’s/Arby’s Group Inc. said Thursday it amended the company’s credit facility, adding Wendy’s as a co-borrower to Arby’s debt, to increase financial flexibility.
The amended credit agreement includes a senior secured term loan, due in July 2012, under which $393 million is outstanding. A $100 million senior secured revolving credit facility that expires in July 2011 also is included.
Wendy’s/Arby’s was formed late last year when Arby’s parent Triarc Cos. Inc. purchased Wendy’s parent Wendy’s International Inc. The company currently operates or franchises more than 10,000 restaurants under the two brands. As the company said when reporting its first results as a combined company, Wendy’s/Arby’s would use the combined financials of the two chains to amend credit terms.
“The amendment enhances our overall financial flexibility and our ability to manage and utilize cash,” chief executive Roland Smith said in a statement. “It also marks another step in building a stronger, more efficient organization.”
Contact Sarah E. Lockyer at [email protected].
