Meritage Announces New $97.0 Million Credit Facility; for

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Meritage Announces New $97.0 Million Credit Facility; for Wendy’s Acquisitions and Development

GRAND RAPIDS, Mich., Oct. 21, 2016 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced that the Company has closed on a new $97.0 million credit facility in a syndication led by City National Bank.

“This new credit facility will save the Company approximately $1.0 million annually in interest expense and significantly increase our renovation and new build restaurant development capacity with an increased flexible development line of credit. The syndication partners have also provided Meritage an accordion feature for future Wendy’s acquisitions. We consider ourselves in the early stages of a major Wendy’s consolidation and investment cycle driven by acquisitions, restaurant renovations and new development. This new facility will greatly assist us in achieving continued profitable growth,” stated Meritage CEO, Robert Schermer, Jr.

Meritage earlier announced it has embarked on a new five-year business plan for 2017-2021, which management believes will result in continued significant sales and earnings growth over the next five years. The Company reported third quarter strong sales and earnings growth related to its reimaging campaign, acquisitions and newly opened locations.        

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 183 restaurants in operation located in Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio, Oklahoma and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a growing workforce of approximately 6,300 employees. The Company’s public filings can be viewed at www.otcqx.com , under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com .     

SAFE HARBOR STATEMENT Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements.  Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements.  Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com .

CONTACT: Robert E. Schermer, Jr., CEO Meritage Hospitality Group, Inc. 616-776-2600

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Lilly's Digital Healthcare Push with Hims & Hers

Updated Category News Views 194

Revolutionizing Access: Pharmaceuticals Meet Telehealth In an era where digital disruption is shaking every sector, Eli Lilly (NYSE:LLY) isn't sitting idle. They've just forged a partnership with Hims & Hers (NYSE:HIMS), one that's diving headfirst into the telehealth revolution. We're talking a slick merger of pharmaceuticals and digital platforms—offering FDA-approved...

Continue Reading
Delta Dental Expands Free Oral Care Access in NM

Updated Category News Views 160

Bridging Dental Care Gaps in New Mexico When the calendar flips to early November, Delta Dental of New Mexico is joining hands with the NM Mission of Mercy for a no-cost dental clinic at EXPO New Mexico. We're talking doors flying open at 5:15 a.m. sharp, on November 6 and 7. This isn’t some run-of-the-mill thing—they are targeting those who can't easily get or afford...

Continue Reading
Sass Magazine's 2026 COZY Issue Embraces Intentional Joy

Updated Category News Views 102

An Unexpected Shift in Sass's Seasonal Focus When you think November and December, it's easy to picture the hustle and bustle of holiday preparations—shopping, parties, running around. But toss all that hullabaloo out the window, because Sass Magazine has thrown a curveball for their 2026 release. They're steering the ship towards the calm, with their COZY Issue shaping...

Continue Reading
Lululemon Faces Class Action Amid Sales Decline

Updated Category News Views 136

Looks like Lululemon Athletica Inc. (NASDAQ: LULU) is in the hot seat, and not in the cozy yoga session kind of way. Investors are gearing up for a legal face-off thanks to a class action lawsuit alleging some serious corporate sleight of hand. What Triggered This Legal Storm? Turns out, between March 18 and September 3, 2026, things didn't go as planned for Lululemon....

Continue Reading
Tenax Sued: Investors Face Class Action Over TNX-103

Updated Category News Views 83

What Tenax Investors Need to Know Alright, folks, time to pull up a chair and pay attention to what's brewing with Tenax Therapeutics—yeah, we're talking NASDAQ: TENX. The company's head is spinning as it's caught up in a securities class action lawsuit. What's the fuss? The fine print here accuses Tenax of misleading investors about the effectiveness of their product,...

Continue Reading
TCL CSOT's OLED Move In Marks Next Phase of Growth

Updated Category News Views 96

A Landmark Moment in OLED Manufacturing Alright, let me drop a quick line here. TCL CSOT just shifted gears with their t8 production line in Guangzhou. It’s not your typical assembly line story—this one's all about pulling the future into the present. We're talking the world's first 8.6-generation Inkjet Printing OLED production line, for crying out loud. They've just...

Continue Reading
Datavault AI's Turbulent Boardroom Saga Escalates

Updated Category News Views 104

The Corporate Chess Game at Datavault AI If there's one thing Wall Street hates, it's uncertainty. And boy, does Datavault AI (NASDAQ: DVLT) deliver plenty of it right now. Founder Nathaniel Bradley has lobbed a lawsuit at the board, claiming that Chairman and CFO Brett Moyer orchestrated a coup to oust him without proper board procedures. Talk about drama fit for a soap...

Continue Reading
Koppers Navigates Q3: Margins Squeeze Amid Growth

Updated Category News Views 117

Investing in Koppers: A Mixed Bag in Q3 Well, it appears Koppers (NYSE: KOP) is doing a bit of a dance this quarter—some smooth steps, but a few stumbles in the rhythm when it comes to margins. The hardwood numbers tell an interesting tale, so let's break it down. Sales Edge Up, But Margins Suffer Koppers clocked in net sales of $499.1 million for the third quarter of...

Continue Reading
New Frontiers in Glaucoma Care: Less Drops Required?

Updated Category News Views 77

Eyeing New Glaucoma Treatment Strategies You think glaucoma treatment is all about popping eye drops day in and day out? Well, turns out, things are shifting down in Racine, Wisconsin. Folks at HelloNation have been spilling the beans on earlier glaucoma interventions that might just lighten your load of daily medications. Doctors I. Paul Singh and R. Krishna Sanka...

Continue Reading
MNTN Revenue Miss Sparks Shareholder Investigation

Updated Category News Views 79

When Revenue Goes South, Shares Follow Nothing like a Friday morning stock bloodbath to shake things up. MNTN, Inc. (NYSE:MNTN) had traders tossing back extra caffeine shots on November 5, 2026, when the company reported third-quarter revenues of $80.3 million. Let's just say that number didn't quite sit well with the folks who'd been banking on an $87.7 million...

Continue Reading

Top 5 Most Recently Viewed Articles

Vention's Commitment to Global Responsibility and Community Impact

Updated Category News Views 146

Vention Launches Corporate Social Responsibility Initiative Vention, a renowned provider of custom software development services, has recently introduced its corporate social responsibility initiative known as Vention Impact. This major step reflects the company's dedication to creating a healthier and more equitable world through strategic collaborations that embark on...

Continue Reading
Market Update: Futures Rise as Key Stocks Gain Momentum

Updated Category News Views 120

Market Overview U.S. stock futures have shown an upward trend following a positive closing on the previous trading day. Major benchmark indices are seeing gains, leading investors to keep a close eye on market movements as the holiday season approaches. Index Performance In the week prior, the S&P 500 faced a slight decline of 0.37%, with other indices like the Nasdaq...

Continue Reading
Costco Stock Rallies on Bullish Trading Momentum Alert

Updated Category News Views 228

Costco Shares Exhibit Notable Rally Following Trading Signal Costco Wholesale Corp Inc (NASDAQ: COST) has recently shown a remarkable increase in share value due to a prominent trading indicator known as the Power Inflow alert. This alert, closely observed by traders keen on order flow analytics, signifies a potential shift in market dynamics, primarily indicating...

Continue Reading
Saba Capital Management Boosts Holdings in BlackRock Trust

Updated Category News Views 64

Saba Capital Management Amplifies Strategic Holdings Saba Capital Management, L.P. has shown a strong interest in BlackRock Innovation & Growth Term Trust by purchasing a substantial amount of stock, valued at over $3.4 million. This significant acquisition demonstrates the firm's confidence in the trust's growth potential and overall performance prospects, reflecting...

Continue Reading
BizCap® Secures Major Financing for Conexwest Expansion

Updated Category News Views 284

BizCap® Enhances Financial Support for Conexwest BizCap®, a notable name in commercial finance and advisory services, has announced a significant achievement in securing a $30 million financing package for the well-established company, Conexwest, which specializes in shipping container solutions across North America. This substantial financing victory is set to propel...

Continue Reading