DUBAI: Bahrain’s Jawad Business Group, the franchise operator of clothing brand Mango and restaurant chains Papa Johns and Burger King in the Gulf, has raised a $235 million loan to refinance existing debt, two banking sources aware of the matter said.

The firm has borrowed $215 million through a term loan in an amortising structure which will last for between five and six years, and the rest through a revolving facility, the sources said.

An amortising loan is where the principal is paid down over the life of the facility, as opposed to just servicing the interest payments.

The group has presence in the consumer, retail and hospitality sectors and operates over 600 stores in the Gulf, according to its website.