Denny’s Corporation, one of America’s largest full-service family restaurant chains, today announced that it has entered into a new five-year $250 million senior secured bank credit facility, comprised of a $190 million term loan and a $60 million revolving line of credit. The new facility refinances Denny’s senior secured debt from September 2010 and amended in March 2011, which had a term loan originally in the amount of $250 million and a $60 million revolver. Wells Fargo Securities, LLC, Regions Capital Markets, a division of Regions Bank, and GE Capital Markets, Inc. are the Joint Lead Arrangers and Joint Bookrunners with Wells Fargo Bank, N. A., serving as Administrative Agent and L/C Issuer, and Cadence Bank and RBS Citizens, N.A. serving as Co-Documentation Agents.
The refinanced facility has a reduced interest rate of LIBOR plus 300 basis points for the term loan and revolver.