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Dave & Buster’s to repay borrowings with new notes, amends revolver
By Taylor Fox
New York, Oct. 19 – Dave & Buster’s Entertainment, Inc. plans to repay all amounts outstanding under its term loan facility and to repay drawings under its revolving credit facility using proceeds from its offering of $500 million senior notes due 2025, according to a news release.
In connection to the new notes offering, Dave & Buster’s entered into additional amendments to its credit facility that, among other things, provides for a two-year maturity extension of the revolver to Aug. 17, 2024; a suspension for certain ratio maintenance covenant requirements until the end of the fiscal quarter ending on or about April 30, 2022; and a $150 million minimum liquidity covenant.
The revolver will be available to be drawn in the future for general corporate purposes and future liquidity.
Dave & Buster’s estimates that its available liquidity will total $299.1 million, subject to the actual amount of its cash on hand and the availability of drawable amounts under its amended revolver.
This amount would be in excess of the $150 million minimum liquidity covenant under the revolver. The company will remain subject to this covenant until it delivers its compliance certificate under the revolver for the quarter ending on or about April 30, 2022.
The company is a Dallas-based operator of upscale restaurant and entertainment complexes.
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