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Real Mex amends, restates $15 million revolver, $25 million LoC facility
New York, Feb. 2 - Real Mex Restaurants, Inc. said it amended and restated its $15 million revolving credit facility and $25 million letter-of-credit facility.
The amendment and restatement refinances the old loan with a facility from a new agent and administrative agent, General Electric Capital Corp., according to an 8-K filing with the Securities and Exchange Commission.
The new facility matures on Jan. 29, 2009.
Interest is initially at Libor plus 225 basis points.
Once a compliance certificate is delivered, borrowing costs will be set by a grid. The Libor plus 225 bps rate will continue when leverage is 3:1 or higher, falls to Libor plus 200 bps when leverage is 2.5:1 or higher, Libor plus 175 bps when leverage is 2:1 or higher and Libor plus 150 bps when leverage is less than 2:1.
The commitment fee is 50 bps.
On Jan. 29, the date the refinancing closed, Real Mex borrowed $7.4 million on the revolver to pay down borrowings on the old facility.
Real Mex is a Cypress, Calif., Mexican food restaurant chain.
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