Romanian food service operator Sphera Franchise Group said on April 30 it plans to borrow up to €70mn through a bilateral, syndicated or club loan.
Sphera’s portfolio includes brands operated from a franchise perspective such as KFC, Pizza Hut, Pizza Hut Delivery and Taco Bell in Romania, KFC in Moldova and KFC in the northeast area of Italy.
The decision to enter into a banking facility agreement was approved by the company at an ordinary general shareholders meeting on April 25.
Sphera plans to open 24 restaurants in 2019, with an estimated investment of around €19.8mn, a company document showed earlier this year. This year, Sphera plans to open eight KFCs in Romania, 10 KFCs in Italy, one Pizza Hut and five Taco Bell restaurants. The company also plans to invest €3.1mn in store remodellings this year.
In November 2017, Sphera closed an IPO of a 25% stake in the company, raising RON285mn.
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