Ignite Restaurant prepays $35 million under term loan at reduced fee

By Wendy Van Sickle

Columbus, Ohio, Dec. 11 – Ignite Restaurant Group, Inc. obtained a waiver on Friday from the lenders in its credit agreement dated Aug. 13, 2014 allowing the company to prepay a portion of its term loan at a reduced premium, according to an 8-K filed with the Securities and Exchange Commission.

Under the waiver, Ignite voluntarily prepaid $35 million at a one-time reduced prepayment premium of 0.5%.

The prepayment otherwise would have been subject to a penalty equal to the present value of the required interest payments not yet made on the principal of the loan that would have been payable through the loan’s maturity.

Credit Suisse is administrative agent of the credit agreement.

Ignite is a Houston-based owner and operator of restaurant brands, including Joe’s Crab Shack, Romano’s Macaroni Grill and Brick House Tavern + Tap.

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