Franchise gets $425 million first-lien, $150 million second-lien

By Sara Rosenberg

New York, Nov. 23 – Franchise Group Inc.’s new $575 million of new term loans is split between a $425 million first-lien term loan and a $150 million second-lien term loan, according to an informed source.

The terms loans were done as an expansion of the company’s current credit facilities.

JPMorgan arranged the debt financing.

Proceeds were used to help fund the roughly $580 million acquisition of W.S. Badcock Corp.

Total net leverage is under 3.5x.

Franchise Group is a Virginia Beach, Va.-based owner and operator of franchised and franchisable businesses. W.S. Badcock is a home furnishings company.

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