Fiesta Restaurant details $150 million revolving facility due 2018

By Marisa Wong

Madison, Wis., Dec. 12 - Fiesta Restaurant Group, Inc. disclosed details of its new $150 million revolving senior secured credit facility in an 8-K filed Thursday with the Securities and Exchange Commission.

The loan agreement matures on Dec. 11, 2018.

The facility includes $15 million available for letters of credit and allows Fiesta to request incremental revolving credit borrowing increases of up to $50 million total.

Interest is equal to Libor plus an applicable margin of 150 basis points to 250 bps based on the company's adjusted leverage ratio. The initial applicable margin is set at 175 bps until the delivery of financial statements for the first fiscal quarter of 2014.

Wells Fargo is the administrative agent, JPMorgan Chase Bank, NA is the syndication agent, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners, and Raymond James Bank is the documentation agent.

Fiesta drew $81 million on the revolver at closing on Dec. 11.

The company used borrowings, along with proceeds from a public offering of stock, to repurchase all of its outstanding 8 7/8% notes tendered under its tender offer and consent solicitation and redeem the $77,299,000 of 8 7/8% notes not repurchased under the tender offer.

Fiesta is a restaurant chain based in Addison, Texas.

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