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Citizens Bank Provides $15MM Credit Facility to Sonic Franchise Owner

March 30, 2016, 06:59 AM
Filed Under: Restaurant

Citizens Bank announced that it has provided a $15 million credit facility to Rubyhill Denver LLC, a multi-unit Sonic franchise restaurant operator.

The Colorado-based restaurant group will use the funds for acquisition financing and capital expenditures.

"Citizens’ Restaurant Finance team has been a great partner," said Surjeet Singh, CEO of Rubyhill Denver LLC. "Citizens has a wealth of experience in restaurant finance and a very client-centric approach. The Citizens team brings great ideas and follows through with excellent execution.”

“We are impressed by Surjeet’s commitment to Sonic and the caliber of the team he has assembled,” said Armando Pedroza, Head of Restaurant Finance at Citizens. “We are bullish on the Sonic brand and this deal is a great example of Citizens' approach to client relationships – doing business with the right operators in the right concepts and bringing them great solutions.”

Citizens Bank’s Restaurant Finance group is a leading national lender focused on meeting the capital needs of multi-unit restaurant owners nationwide including franchisors, franchisees, chain restaurants, and sponsor-owned restaurant operating companies.

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