Red Robin gets $250 million amended and restated credit facility

By Sara Rosenberg

New York, May 9 - Red Robin Gourmet Burgers Inc. closed on a $250 million amended and restated credit facility due May 6, 2016, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Wells Fargo Securities LLC and Bank of America Merrill Lynch acted as the co-lead arrangers and bookrunners on the deal that was completed on May 6, with Wells Fargo the administrative agent.

The facility consists of a $150 million term loan and a $100 million revolver, with both tranches priced at Libor plus 275 basis points and the revolver having a 50 bps unused fee. Pricing on the facility can range from Libor plus 225 bps to 300 bps, and the revolver unused fee can range from 37.5 bps to 62.5 bps, based on leverage.

There is a $100 million accordion feature and the revolver has two one-year extension options.

Proceeds were used to replace a previous $300 million credit facility and are available to finance restaurant construction costs, refinance existing debt and provide for the working capital and general corporate requirements.

Red Robin is a Greenwood Village, Colo.-based casual dining restaurant chain.

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