Cheesecake Factory pays down $150 million under revolver

By Wendy Van Sickle

Columbus, Ohio, June 28 – Cheesecake Factory Inc. repaid $150 million under its revolving credit facility, bringing the total balance under the facility to $130 million, according to a news release.

The company used cash on hand and about $44 million of proceeds from the exercise of the underwriters’s over-allotment option in connection with Cheesecake Factory’s recent convertible notes offering to fund the paydown.

In connection with the debt repayment, the company also terminated its interest rate swap agreement.

Cheesecake Factory is a Calabasas Hills, Calif.-based operator of restaurants. North Italia has 20 upscale, casual Italian restaurants in nine states and Washington D.C. Fox operates 45 restaurants across seven states and Washington D.C.

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