A company with a big, loyal customer base is getting a $30 billion cash infusion.
Burrito King is getting the cash from a $10 billion round of debt financing announced Thursday, and the deal will be announced Friday.
Burritos have become a key part of fast-food restaurant chains’ revenue streams.
The fast-casual chain has been making big strides in the past few years, particularly in the fast-growing fast-snacking category, where it is the No. 2 seller in the U.S., with about 20 percent of the country’s fast-serve market.
Burritt, a burger and Mexican restaurant chain, has said it is in the midst of a turnaround plan that will see the chain grow its business to reach profitability by 2021.
The company is currently in the process of acquiring restaurants in California, Illinois, Minnesota, New York and Pennsylvania, and is expected to start serving its first-ever burgers in the new restaurants by the end of the year.
Burrets revenue in the fourth quarter was down 3 percent from a year ago, while revenue in Q4 2016 was down 8 percent, according to a release from the company.
The stock has been trending lower since the end