Bob Evans amends pricing, leverage ratio for $750 million revolver

By Susanna Moon

Chicago, July 24 – Bob Evans Farms, Inc. amended its $750 million secured revolving credit facility due Jan. 1, 2019 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Pricing was revised to Libor plus 100 basis points to 275 bps based on leverage, with a commitment fee of 15 bps to 25 bps.

The agreement also was amended to revise the maximum leverage ratio to 4.5 times for the quarters ending July 25 to Oct. 24, 4.25 times for the quarter ending Jan. 23, 2015, 4 times for the quarters ending April 24, 2015 to April 22, 2016 and 3.75 times for the quarter ending July 22, 2016.

The agreement also revised the restricted payment requirements related to share repurchases.

As of July 22, there were about $462 million of loans outstanding with letters of credit totaling about $11 million also outstanding.

Bob Evans Farms is a restaurant company based in New Albany, Ohio.

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