Del Frisco’s gets $25 million of incremental term loan commitments

By Sarah Lizee

Olympia, Wash., Feb. 27 – Del Frisco’s Restaurant Group, Inc. entered into the joinder agreement on Tuesday with JPMorgan Chase Bank, NA as the incremental term lender and administrative agent, providing for $25 million of incremental term loan commitments, according to an 8-K filing with the Securities and Exchange Commission.

The joinder agreement modifies the credit agreement dated as of June 27, 2018 with JPMorgan Chase Bank.

The company drew the full amount of the incremental term loans on Tuesday.

Currently, there is $334.5 million in term loans outstanding and $50 million of revolving commitments.

Del Frisco’s used the net proceeds of the incremental term loans to repay a portion of the outstanding amounts under its revolver.

The transaction extends the maturity of a portion of the company’s outstanding debt, and since the repayment does not reduce the commitments under the revolver, it expanded the company’s sources of liquidity without increasing leverage at this time, the company said.

All other terms under the credit agreement are the same, the filing noted.

Interest remains Libor plus 600 basis points.

Del Frisco’s is an Irving, Texas-based restaurant company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.