ATLANTA--(BUSINESS WIRE)--As previously announced on December 29, 2010, AFC Enterprises, Inc. successfully refinanced its bank credit facility. The 2010 Credit Facility provides the Company with greater flexibility with respect to cash usage as well as an improved interest rate which is currently 3.8 percent.
As a result of the refinancing, the Company is no longer required to furnish an independent credit rating. The Company therefore requested that Standard & Poor’s (“S&P”) withdraw its rating following S&P’s September 23, 2011 upgrade of the Company’s credit rating from “B+” to “BB-” with a stable outlook. Moody’s credit rating was withdrawn as of March 14, 2011, also at the Company’s request.
AFC Enterprises Chief Financial Officer, Mel Hope, said, “We are pleased with our 2010 Credit Facility and the strong partnership we enjoy with our banks. The facility continues to meet the Company’s needs for growth and recognizes the strong cash flow of our business model. We appreciate the service we have received from both credit rating agencies. We made this decision as part of our on-going company-wide initiatives to gain efficiencies and reduce costs.”
Corporate Profile
Founded in 1972 in New Orleans, Popeyes is a leader in the New Orleans segment of the foodservice industry and is the world's second largest quick-service chicken concept based on the number of restaurants. As of October 2, 2011, Popeyes had 1,998 operating restaurants in the United States, Puerto Rico, Guam, the Cayman Islands and 27 foreign countries. For more information, visit the Popeyes Louisiana Kitchen Web site at www.popeyes.com.