On August 31, 2015, Imvescor Restaurant Group Inc. entered into a credit agreement with Royal Bank of Canada providing for a three-year senior secured revolving credit facility. A portion of the credit facility together with the company’s available cash were used to repay the company’s maturing term loan while the credit facility can otherwise be used for general corporate purposes. The Company’s annual interest expense savings are estimated to be in excess of $1 million.
Imvescor Restaurant Group Inc. is a franchise and licensing business that operates restaurants in Eastern Canada under the Pizza Delight®, Mikes®, Scores® and Bâton Rouge® banners. The Company also licenses to third parties the right to manufacture and sell prepared food products under the Pizza Delight®, Mikes®, Scores® and Bâton Rouge® brands and manufactures and sells vegetarian branded food products in grocery stores and retail outlets under the Commensal® brand.
Imvescor Restaurant Group Inc. was represented in house by Isabelle Breton, General Counsel and Corporate Secretary and by a team from Stikeman Elliott LLP comprising Howard Rosenoff, Maxime Jacquin and Daniel Tsarevsky.McCarthy Tétrault LLP acted as counsel to Royal Bank of Canada with a team comprising Mathieu Dubord and Marjolaine Hémond-Hotte.