Ruby Tuesday makes changes to four-year revolving credit facility

By Angela McDaniels

Tacoma, Wash., July 2 – Ruby Tuesday, Inc. amended its four-year revolving credit facility on June 29, according to an 8-K filing with the Securities and Exchange Commission.

Prior to the amendment, Ruby Tuesday was allowed to exclude up to $2.5 million of certain mortgage prepayment penalties from its consolidated fixed charges for the purposes of calculating the fixed charge coverage ratio. The amendment increased the amount of the mortgage prepayment penalty exclusion to $5 million.

In addition, the amendment removed the monthly financial reporting requirement and modified the definition of base rate or Libor, plus an applicable margin such that the interest rate charged will not fall below zero.

Bank of America, NA is the administrative agent.

Ruby Tuesday is a Maryville, Tenn.-based restaurant company.

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