Dave & Buster’s closes restated $800 million five-year credit facility

By Tali Rackner

Minneapolis, Aug. 18 – Dave & Buster’s Entertainment, Inc. closed on an $800 million five-year senior credit facility on Friday, according to a press release.

The facility consists of a $300 million senior secured first-lien term loan A in addition to a $500 million revolver.

The terms of the amended and restated credit agreement increase the company’s borrowing capacity by over $300 million to $800 million, extend the term by two years to 2022 from 2020 and lower the interest rate by 25 basis points.

Dave & Buster’s used about $300 million of proceeds to fully refinance its existing term loan A, of which $135 million was outstanding, refinance the existing revolver, of which $156 million was outstanding, pay related interest and expenses and provide cash for general corporate purposes, the release said.

The existing five-year $500 million facility began on May 15, 2015 and originally comprised a $150 million senior secured term loan A in addition to a $350 million revolver.

Bank of America Merrill Lynch, Wells Fargo Securities, LLC, Regions Bank, NA and Capital One, NA acted as joint lead arrangers and bookrunners.

Dave & Buster’s is a Dallas-based operator of upscale restaurant and entertainment complexes.

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