By Devika Patel
Knoxville, Tenn., July 5 – FAT Brands Inc. arranged a $16 million senior credit facility with an equity component, according to a press release. TriPoint Global Equities, LLC and R.W. Pressprich & Co. were the agents.
The loan is due in two years and bears interest at 15%.
The company will issue five-year warrants to investor FB Lending, LLC for 499,000 common shares, each exercisable at $7.35.
Proceeds will be used by the company to complete its previously announced acquisition of Hurricane Grill & Wings, to repay debt and for future acquisitions.
FAT Brands is a Los Angeles, Calif.-based multi-brand restaurant franchising company.
| Issuer: | FAT Brands Inc.
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| Issue: | Senior credit facility
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| Amount: | $16 million
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| Maturity: | June 30, 2020
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| Coupon: | 15%
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| Warrants: | For 499,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $7.35
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| Agents: | TriPoint Global Equities, LLC and R.W. Pressprich & Co.
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| Investor: | FB Lending, LLC
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| Announcement date: | July 5
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| Distribution: | Private placement
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