Funds debt refinancing and capital expenditures
SCOTTSDALE, Ariz.--08 March 2011-- GE Capital, Franchise Finance provided $13.2 million in financing to Ponder Enterprises, Inc., one of Hardee's largest franchise operators The credit facility, consisting of an $11.2 million term loan and a $2 million development line of credit, is being used to refinance existing debt and fund capital expenditures.
"We are extremely pleased to have Ponder Enterprises as a new customer," said Mike Record, vice president, GE Capital, Franchise Finance. "We are especially excited to be a part of Ponder Enterprises' future growth plans as they acquire and build new stores."
Ponder Enterprises, based in Donalsonville, Georgia, is one of the largest and oldest Hardee's franchise operators. Founded in 1983, the company currently operate 24 Hardee's units in Georgia, Florida, and Alabama.
"We are very excited about our new relationship with GE Capital," says Dan Ponder, president, Ponder Enterprises, Inc. "Our loan was completed very quickly with friendly and knowledgeable financial professionals. We look forward to growing with GE Capital in the years to come."
Established in 1961, Hardee's® operates or franchises more than 1,900 quick-service burger restaurants in 30 U.S. states and nine countries. Hardee's is a wholly owned subsidiary of CKE Restaurants, Inc.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $12 billion in served assets, we serve over 5,000 customers and over 22,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts works with customers to help develop growth plans with access to our proprietary industry research and customized tools. More information is available at www.gefranchisefinance.com or by calling 866-GET-GEFF (438-4333).
Christine Roe
GE Capital Solutions
[email protected]
1-480-563-6260
Yvette Pistorio
Arment Dietrich Inc.
[email protected]
(312)-787-7249