|By Marketwired .||
|April 29, 2014 12:51 PM EDT||
LAKE FOREST, CA -- (Marketwired) -- 04/29/14 -- Del Taco Holdings, Inc. announced the completion of a debt refinance transaction.
The transaction, led by GE Capital, features an amended senior credit facility with a $220 million term loan and a $40 million revolving line of credit. Incremental net proceeds raised were used for a partial redemption of its senior subordinated debt.
"This transaction results in a significantly lower effective interest rate and optimizes our capital structure, strengthens our financial performance and allows for increased financial flexibility," said Steven Brake, executive vice president and chief financial officer, Del Taco Holdings, Inc. "We will continue to invest in new and existing markets, focus on our quality and value proposition, and introduce product innovations."
In 2013, Del Taco implemented a refreshed brand identity which included updated restaurant designs, customer focused operational improvements, a national advertising campaign and a new logo. In addition, the company launched a number of menu platforms including the Buck & Under menu, as well as various new products such as Turkey Tacos, Epic Burritos and the CrunchTada Tostada. These successful implementations pushed Del Taco's system-wide sales to more than $622 million in 2013. Currently, Del Taco operates 302 company-owned units with 245 franchised locations in 17 states.
At Del Taco, all menu items are prepared to order using fresh ingredients including cheddar cheese grated from 40-pound blocks, hand-made pico de gallo salsa, lard-free beans slow cooked from scratch in-restaurants every three hours and marinated chicken grilled in each restaurant. The menu includes Mexican offerings including tacos, burritos, quesadillas and nachos as well as American favorites such as hamburgers, crinkle-cut fries and shakes. Del Taco also serves breakfast featuring a full line of breakfast burritos and tacos.
Del Taco Holdings, Inc. is headquartered in Lake Forest, Calif. Additional information is available at www.deltaco.com.