GE Capital gives Original Joe’s USD 49 million expanded senior credit facility

By Nicel Jane Avellana

Oct 29, 2013 12:07 AM EDT

The Canadian Franchise Finance business of GE Capital said it had given Original Joe's Franchise Group Inc (OJ's) and its parent firm Franworks Franchise Corp with an expanded senior credit facility worth USD 49 million. The loan was arranged by GE Capital Canada.

Part of the loan proceeds would be used by OJ's to refinance an existing credit facility. The rest of the loan would be used to build more Original Joe's and State & Main restaurants all over Canada. It currently has 60 locations in the country.

OJ's President and Chief Executive Officer Derek Doke said, "This new loan provides us with significant capital to carry out our growth strategy for both brands. With GE Capital's help, we can expand our business in established markets and branch out into new markets."

OJ's is a full-service casual restaurant and bar headquartered in Calgary, Alberta. GE Capital Franchise Finance provides financing for the restaurant and hospitality industries.

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