Denny's completes $250 million senior secured credit facility

By Sara Rosenberg

New York, April 12 - Denny's Corp. closed on Thursday on a $250 million five-year senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Wells Fargo Securities LLC, Regions Capital Markets and GE Capital Markets Inc. acted as the joint lead arrangers and bookrunners on the deal.

The facility consists of a $60 million revolver and a $190 million term loan, with both tranches priced at Libor plus 300 basis points.

Amortization on the term loan is 10% per year, with the balance due at maturity.

Covenants include a maximum consolidated leverage ratio, a minimum consolidated fixed-charged coverage ratio and maximum capital expenditures.

Proceeds were used to refinance an existing credit facility that was priced at Libor plus 375 bps and included a 1.5% Libor floor on the term loan portion.

Denny's is a Spartanburg, S.C.-based full-service family restaurant chain.

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