TOWN & COUNTRY FOOD MART ABS


Marking one of the largest financings of its kind, American Commercial Capital LLC said it has provided more than $100 million of senior financing for the recapitalization and management buyout of Town & Country Food Stores Inc.

John Shrewsberry, a spokesman for American Capital, said that later this year this loan will be repackaged into several franchised loan securitizations, and he expects that the fully amortizing loans will have final maturities of 15 years to 20 years and be self-liquidating.

The transaction financed by American Capital enabled the company's founder F.L. "Steve" Stephens to sell the 139-unit chain of convenience stores, quick service franchises and grocery stores in Texas and New Mexico to a team led by the company's president Don Allison.

Allison said the financing structure will provide Town & Country with the flexibility to manage and expand the company to maximize shareholder value.

American Capital is a merchant banker that specializes in franchise loan securitizations for convenience store and gas stations. - Dave Feldheim