AB Private Credit Investors (AB-PCI) acted as administrative agent and sole lead arranger for an upsize of its senior secured credit facility for KBP Investments (KBP). The upsize grew total facility commitments from $562,480,000 to $680,113,000. The increased commitments will be used to fund future acquisitions and growth.
Michael Kulp, president and CEO of KBP, said, “We wouldn’t have been able to accelerate the growth of our business without the support of AB-PCI and the rest of the lender group. This upsized credit facility provides us with the flexibility we need to continue to execute our growth plans.”
Barry Dubin, chief strategy officer of KBP, said, “As KBP has grown, our access to different sources of capital has increased, but the flexibility provided by AB-PCI’s financing solution remains the best fit for KBP and its growth-oriented business plan.”
AB-PCI’s lending relationship with KBP began in March 2016 with the closing of a $146,500,000 credit facility.
KBP owns and operates 787 restaurants in 24 states under franchise agreements primarily with KFC and Taco Bell. The company is one of the largest domestic Yum! Brands franchisees and among the top 10 largest restaurant franchisees in the United States. www.kbpinvestments.com
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