VAUGHAN,
ON, April 18, 2022 /CNW/ - Recipe Unlimited
Corporation ("Recipe" or the "Company") is pleased to announce the
renewal of its $550,000,000 revolving
term credit facility. The renewal extends the maturity date by
three years, including a $150 million
tranche that now matures on May 1,
2025, and a $400 million
tranche that now matures on May 3,
2027. The existing accordion feature of up to $250 million was also renewed. Notwithstanding
the COVID-19 pandemic and ongoing impact on the restaurant
industry, other terms of the renewed revolving term credit facility
are substantially unchanged from the Company's prior credit
facility which was established in May
2019.
Mr. Frank Hennessey, Chief Executive Officer of Recipe,
commented: "I am pleased to announce the successful renewal of our
revolving term credit facility with our existing syndicate of bank
lenders. I would also like to thank our lending partners for their
continued support, especially over the past two years while the
Company contended with the challenges presented by the COVID-19
pandemic. The renewed and extended revolving term credit facility
will support the continued execution of the Company's strategic
plan, and represents an important source of liquidity and financial
flexibility for the next 5 years."
About Recipe
Founded in 1883, RECIPE Unlimited Corporation is Canada's largest full-service restaurant
company. The Company franchises and/or operates some of the most
recognized brands in the country including Swiss Chalet, Harvey's,
St-Hubert, The Keg, Montana's, Kelseys, East Side Mario's, New
York Fries, Fionn MacCool's, Bier Markt, The Landing Group of
Restaurants, Original Joe's, State & Main, Elephant &
Castle, The Burger's Priest, The Pickle Barrel, Marigolds &
Onions, Blanco Cantina, Añejo, Fresh
and Ultimate Kitchens.
RECIPE's iconic brands have established the organization as a
nationally recognized franchisor of choice. As at December 26,
2021, Recipe had 21 brands and 1,261 restaurants, 83% of which are
operated by franchisees and joint venture partners, operating in
several countries including Canada, USA,
Saudi Arabia, India and the UAE. RECIPE's shares trade on
the Toronto Stock Exchange under the ticker symbol RECP. More
information about the Company is available at
www.recipeunlimited.com.
SOURCE Recipe Unlimited Corp.