Franchising.com:

Red Robin International, Inc., a wholly owned subsidiary of Red Robin Gourmet Burgers, Inc., today announced that it has closed on a new amended and restated credit agreement. The transaction was arranged by Wells Fargo Securities, LLC, and Bank of America, N.A., as Joint Lead Arrangers and Joint Lead Bookrunners, along with a syndicate of banks. The amended credit facility is comprised of a $150 million term loan and a $100 million revolving line of credit, and replaces a $300 million credit facility that was scheduled to mature in June 2012.

The amended credit agreement allows RRI to increase the credit facility by up to an additional $100 million in the future, subject to lender participation. The initial term of the agreement is for five years, with the option for up to two additional years to be added to the maturity of the revolving line of credit at RRI’s request and lender participation.

“We’re pleased with our new credit agreement, which we believe will solidify a strong, flexible and scalable capital structure upon which we can execute long term growth initiatives for Red Robin,” said Stephen Carley, Red Robin Gourmet Burgers, Inc.’s chief executive officer. “The credit facility also provides us with the financial flexibility to prudently allocate capital, including stock repurchases, subject to certain limitations.”

 

Originally posted by Mark on May 9, 2011 in Franchise Site.

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