SCOTTSDALE, Ariz., June 28, 2018 (GLOBE NEWSWIRE) -- First Tennessee Bank’s Franchise Finance business announced it led a $120 million new senior secured credit facility for Memphis, Tenn.-based Wendelta Property Holdings, Inc. (WDPH), the real estate holding company for Carlisle LLC. The financing includes a $110 million term loan and an unfunded $10 million development line of credit to support continued new store development.
"We have had a relationship with First Tennessee Bank for 25 years or more,” said Chance Carlisle, president and CEO of Wendelta, Inc. and Wendelta Property Holdings, Inc. “We value how well they understand the restaurant industry and apply that knowledge to help our business.”
Affiliated company and WDPH tenant Wendelta, Inc. (WDI), is a Wendy’s franchisee that owns and operates 150 Wendy’s restaurants in Alabama, Arkansas, Florida, Louisiana, Mississippi and Texas. WDPH and WDI were previously co-borrowers under an existing credit facility, which was refinanced in full, effectively splitting WDPH (real estate company) and WDI (operating company), each with its own separate credit facility.
“By structuring a transaction that separated the real estate assets from the operating business, we were able to help Wendelta increase the amount of capital available, while also reducing the overall cost of that capital and providing more flexibility as they continue to grow," said Dave Alexander, senior vice president with First Tennessee Bank, Franchise Finance.
First Tennessee served as Administrative Agent and Lead Arranger for this transaction. Fifth Third Bank served as Joint Lead Arranger.
About First Tennessee Bank, Franchise Finance
First Tennessee Bank, Franchise Finance, a division of First Tennessee Bank, is a national restaurant lender that provides flexible access to capital backed by best-in-class customer service. As an experienced team of professionals with market insights and unique access to brands, First Tennessee Franchise Finance serves operators as they buy, build, remodel and grow. More information is available at www.ftb.com/franchisefinance.
About First Horizon
First Horizon National Corp. (NYSE:FHN) provides financial services through its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial businesses. First Horizon operates approximately 300 bank locations across the southern U.S. and 28 FTN Financial offices across the entire U.S. Our banking subsidiary was founded in 1864 and has the 14th oldest national bank charter in the country. Our First Tennessee and Capital Bank brands have the largest deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth management group has more than 300 financial professionals and provides services to about $30 billion in assets. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. We have been recognized as one of the nation’s best employers by Working Mother and American Banker magazines and the National Association for Female Executives. More information is available at www.FirstHorizon.com.
For Immediate Release
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