MONTREAL, Dec. 9 /CNW Telbec/ - GE Capital announced today that it provided a three-year C$26 million credit facility to SIR Corp. ("SIR"). SIR, which has a number of agreements and interests related to SIR Royalty Income Fund (TSX: SRV.UN), will use the credit facility to refinance a current revolving line of credit and construction facility, and to facilitate the repurchase of certain of its common shares.
"GE Capital's experience in structuring large transactions in the restaurant industry was instrumental in identifying a flexible financial structure that would not only answer our immediate needs, but would be adaptable to future growth opportunities as they arise," said Peter Fowler, CEO of SIR.
"At a time when capital takes on a higher strategic value, we are receiving more requests from clients seeking our unique industry and financial expertise to help them review their cash flow needs and examine their debt obligations so that a more optimal financial solution can be identified," said Patrick Palerme, President and Chief Executive Officer of GE Capital in Canada.
"We worked closely with SIR to understand their needs and desired positioning in the restaurant market," said Ed Khediguian, Vice President, Franchise Finance for GE Capital in Canada. "I see this as both a great solution to their current needs, and strategic partnership with a great management team and a dynamic stable of brands."
About GE Capital
GE Capital in Canada (gecapital.ca) is a leading provider of financial and fleet management solutions to businesses operating in a broad range of economic sectors, including construction, transportation, energy, manufacturing and retail. The business' customized solutions include leases, asset based working capital and term financing, cash flow financing, corporate aircraft, franchise and fleet financing as well as financial solutions and services to equipment manufacturers, operators, distributors, dealers and their end users. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.
About SIR Corp.
SIR is a privately held Canadian corporation that owns and operates a portfolio of 45 restaurants in Canada. SIR's concept brands include: Jack Astor's Bar and Grill(R), with 29 locations; Alice Fazooli's(R), with five locations; and Canyon Creek Chop House(R), with eight locations. SIR also operates one-of-a-kind "signature" brands in downtown Toronto, which comprise the upscale reds(R), Far Niente(R)/FOUR(TM)/ Petit Four(TM), and the Loose Moose Tap & Grill(R). All trademarks related to the concept and signature brands noted above are used by SIR under a license agreement with SIR Royalty Limited Partnership in consideration for a Royalty, payable by SIR to the Partnership, equal to six percent of the revenue of the 45 restaurants currently included in the Royalty pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com.
SOURCE GE Capital Canada
For further information: For further information: Marina Brzeski, Communications Leader, Canada, GE Capital, (514) 713-5321, firstname.lastname@example.org