Lake Forest-based Mexican-style fast food chain Del Taco Holdings Inc. said on Monday that it refinanced $215 million in debt in exchange for a lower interest rate as the fast food chain continues to eye growth.
Del Taco, which had sales of $608 million last year, counts 551 restaurants, with 298 of those company owned. The company opened 23 locations last year.
The chain got a $175 million term loan and a $40 million revolving line of credit from Scottsdale, Ariz.-based GE Capital Franchise Finance, part of General Electric Co.
The move comes three years after Del Taco refinanced with a $160 million loan and $39 million line of credit from San Francisco-based Wells Fargo & Co. and GE Capital. The refinancing allowed Del Taco to become a stand-alone company and break off from Nashville-based Sagittarius Brands LLC, which bought Del Taco in 2006.