Cheesecake Factory gets credit line |
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Mon, 09 Apr 2007 23:14
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NEW YORK (AP) - Restaurant chain Cheesecake Factory Inc. signed a deal for a $200 million, five-year unsecured revolving credit facility, the company said Monday in a filing with the Securities and Exchange Commission.The company used $150 million of the credit facility to pay back an unsecured bridge loan credit agreement from March 12. It plans to use the other $50 million to maintain standby letters of credit for its self-insurance programs and for other general purposes.According to the filing, JP Morgan Chase Bank is acting as administrative agent and Bank of the West as syndication agent for the credit line. Bank of America, Wells Fargo Bank and Rabobank Nederland were documentation agents.The company also said it terminated a $35 million revolving credit and term loan facility with Bank of the West, and transferred outstanding credit letters to its new facility.Cheesecake Factory shares closed down 11 cents at $26.44 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Cheesecake Factory expands buyback plan 