Steak n Shake to repay senior secured facility via new note offering

By Tali Rackner

Norfolk, Va., Sept. 16 – Steak n Shake Inc. plans to fully repay outstanding borrowings under its existing senior secured credit facility with the net proceeds from a new offering of $400 million senior secured notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will also be used to make a $230 million cash distribution to parent company Biglari Holdings Inc.

Steak n Shake is a quick service restaurant chain founded in Normal, Ill.

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