First Tennessee Bank leads $120 million credit facility for Wendelta Property Holdings, LLC
June 28 2018 - 4:15PM
First Tennessee Bank’s Franchise Finance business announced it led
a $120 million new senior secured credit facility for Memphis,
Tenn.-based Wendelta Property Holdings, Inc. (WDPH), the real
estate holding company for Carlisle LLC. The financing includes a
$110 million term loan and an unfunded $10 million development line
of credit to support continued new store development.
"We have had a relationship with First Tennessee Bank for 25
years or more,” said Chance Carlisle, president and CEO of
Wendelta, Inc. and Wendelta Property Holdings, Inc. “We value how
well they understand the restaurant industry and apply that
knowledge to help our business.”
Affiliated company and WDPH tenant Wendelta, Inc. (WDI), is a
Wendy’s franchisee that owns and operates 150 Wendy’s restaurants
in Alabama, Arkansas, Florida, Louisiana, Mississippi and Texas.
WDPH and WDI were previously co-borrowers under an existing credit
facility, which was refinanced in full, effectively splitting WDPH
(real estate company) and WDI (operating company), each with its
own separate credit facility.
“By structuring a transaction that separated the real estate
assets from the operating business, we were able to help Wendelta
increase the amount of capital available, while also reducing the
overall cost of that capital and providing more flexibility as they
continue to grow," said Dave Alexander, senior vice president with
First Tennessee Bank, Franchise Finance.
First Tennessee served as Administrative Agent and Lead Arranger
for this transaction. Fifth Third Bank served as Joint Lead
Arranger.
About First Tennessee Bank, Franchise
Finance
First Tennessee Bank, Franchise Finance, a division of First
Tennessee Bank, is a national restaurant lender that provides
flexible access to capital backed by best-in-class customer service.
As an experienced team of professionals with market insights and
unique access to brands, First Tennessee Franchise Finance serves
operators as they buy, build, remodel and grow. More information is
available at www.ftb.com/franchisefinance.
About First Horizon
First Horizon National Corp. (NYSE:FHN) provides financial
services through its First Tennessee, Capital Bank, FTB Advisors,
and FTN Financial businesses. First Horizon operates approximately
300 bank locations across the southern U.S. and 28 FTN Financial
offices across the entire U.S. Our banking subsidiary was
founded in 1864 and has the 14th oldest national bank charter in
the country. Our First Tennessee and Capital Bank brands have the
largest deposit market share in Tennessee and one of the highest
customer retention rates of any bank in the country. We have been
ranked by American Banker as No. 5 among the Top 10 Most Reputable
U.S. Banks. Our FTB Advisors wealth management group has more than
300 financial professionals and provides services to about $30
billion in assets. FTN Financial is a capital markets industry
leader in fixed income sales, trading and strategies for
institutional customers in the U.S. and abroad. We have been
recognized as one of the nation’s best employers by Working Mother
and American Banker magazines and the National Association for
Female Executives. More information is available at
www.FirstHorizon.com.
For Immediate
Release
Contact: James Dowd (901)
523-4305
jedowd@firsttennessee.com
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