Carrols Restaurant increases revolver to $130.4 million

By Wendy Van Sickle

Columbus, Ohio, March 26 – Carrols Restaurant Group, Inc. amended its credit agreement on Wednesday to increase the maximum commitments by $15.4 million to $130.4 million, according to an 8-K filing with the Securities and Exchange Commission.

So long as the commitment amount is greater than $115 million, borrowings will bear interest at Libor plus 350 basis points for the first 179 days.

The margin above Libor will step up to 425 bps on day 180; to 450 bps on day 270; and to 475 bps on day 365 and thereafter.

A ticking fee on the average daily amount will be payable at a rate of 12.5 bps per annum starting on day 180; 25 bps starting on day 270; and 100 bps starting on day 365.

Amounts drawn on the credit agreement in excess of $115 million must be used solely for ongoing operations and may not be held on the company’s balance sheet.

Wells Fargo Bank, NA is the administrative agent.

Carrols is a Syracuse, N.Y.-based restaurant franchisee and operator.

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