O'Charley's obtains new $45 million revolving credit facility

By Sara Rosenberg

New York, Jan. 27 - O'Charley's Inc. closed on a new $45 million secured revolving credit facility due Aug. 1, 2013, according to a news release.

Bank of America, Regions Bank and Wells Fargo acted as the joint lead arrangers and bookrunners on the deal, and Wachovia is the administrative agent.

Covenants include a maximum adjusted leverage ratio of 5.25 and expansion capital expenditures limited to 15% of EBITDA in 2010 and 30% of EBITDA in subsequent years. Also, the revolver allows the company to repurchase its 9% senior subordinated notes due in 2013.

The facility amends and restates the company's existing $83 million secured revolver that was scheduled to mature on Oct. 18, 2011.

O'Charley's is a Nashville, Tenn., casual-dining restaurant company.

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