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  • Chanticleer Holdings, Inc. (CCLR) Secures Credit Facility with Paragon Commercial Bank 0 comments
    Aug 19, 2011 10:43 AM | about stocks: CCLR
    Yesterday, Chanticleer Holdings, Inc. announced that they secured a $2 million credit facility with Paragon Commercial Bank. The credit facility has a one-year term and a facility limit of $2 million with advances at Chanticleer Holdings’ discretion to use for working capital and investment in new business ventures.

    The credit facility carries an interest rate at the greater of the Wall Street Journal’s Prime Rate (currently 3.25 percent) plus 0.50 percent or 4.50 percent and is secured by all the assets of Chanticleer Holdings, Inc. A $2 million deposit made by Mr. Michael Haley collateralizes the credit facility. Mr. Michael Pruitt, Chief Executive Officer of Chanticleer Holdings, personally guarantees the credit facility.

    The Company’s plans are to use the funds to expand on their success with the Hooters Franchise in South Africa as well as launch into new territories they are currently negotiating. Chanticleer Holdings, Inc., via a Joint Venture with SGShaw Food, PTY of Durban, South Africa, has opened three Hooters restaurants in South Africa and plans to open a minimum of four more over the next four years.

    Mr. Michael Pruitt said, “We are pleased to continue and enhance our relationship with Paragon Bank. Looking forward, availability of capital on reasonable terms will provide a significant advantage to Chanticleer as we seek to invest in new markets, primarily with Hooters franchises in the international countries.”

    Headquartered in Charlotte, North Carolina, Chanticleer Holdings, Inc. is a holding company that operates two wholly-owned operating subsidiaries. One is Chanticleer Advisors, an investment manager; the other is Avenel Ventures, a consulting firm. Furthermore, Chanticleer owns several minority investments in private companies, including an interest in AOA Holdings, LLC, with 161 company-owned Hooters locations across sixteen states, or nearly 50 percent of all domestic Hooters restaurants and over one-third of the locations globally. Chanticleer Holdings, Inc. formed in 2005 as a business development company. In 2008, the Company’s shareholders elected to convert to an operating holding company.

    For more information visit: chanticleerholdings.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

     
    Stocks: CCLR
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