AFC Enterprises amends loan, receiving additional time to file financial documents

By Sara Rosenberg

New York, Oct. 30 - AFC Enterprises Inc. amended its credit facility, granting the company until Dec. 15 to file its form 10-K annual report and extending the filing time frame requirement for its quarterly reports for each of the first three quarters of 2003 until Feb. 28, 2004.

As part of the amendment, the company will prepay up to $32 million of its term loans, representing approximately 50% of the total remaining estimated net proceeds from the July 14 sale of some Seattle Coffee Co. operations, which were placed in a cash collateral account.

AFC's revolver will be temporarily reduced to $65 million from $75 million until all of the required financial statements are filed and the total leverage ratio is equal to or less than 2 to 1.

AFC is an Atlanta franchisor and operator of restaurants, bakeries and cafes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.