Sizzler International Inc. (NYSE:SZ) on Friday (5 January) announced that it has entered into a new 7 year, $10 million term loan.
This facility was arranged by Heller Financial, Inc. (NYSE:HF) Sizzler has currently drawn down $5 million under this facility, primarily to fund the completion of the Sizzler USA remodel program and the expansion of Oscar’s.
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“This facility will enable us to further expand our domestic operations by completing the remodel of our company owned Sizzler units and by building new Oscar’s, without repatriating funds from our Australian operations,” said Charles L. Boppell, President and CEO of Sizzler International Inc. As of the end of the second quarter, Sizzler had cash and cash equivalents of $17.7 million, of which $12.1 million was held in Australian dollars.
About Sizzler
Sizzler International Inc. operates, franchises or joint ventures 345 Sizzler® restaurants worldwide, in addition to 104 KFC® restaurants primarily located in Queensland, Australia and 10 Oscar’s in the southwest United States.
To the extent that certain statements contained in this document may be deemed under federal securities laws to be forward-looking statements, Sizzler intends that they be subject to the safe-harbor applicable to forward-looking statements under such laws. Such statements may include, but are not limited to, statements regarding (i) the expected uses of the borrowed funds; and (ii) the need for and timing of future repatriation of Australian generated funds. Sizzler cautions that these statements are qualified by important factors that could cause actual results to differ from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) the timing of and funding required for the completion of the Sizzler USA remodel program and the expansion of Oscar’s; (b) movements in the Australian dollar exchange rate; and (c) other risks as detailed from time to time in Sizzler’s SEC reports, including Quarterly Reports on Form 10Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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