Denny's Corp. said Friday it has secured a $300 million credit facility as part of the amendment and restatement of its existing senior secured credit facilities.
The $300 facility consists of a $50 million, five-year senior secured revolver and a $250 million, six-year senior secured term loan. Denny's said the new facility would provide it with increased financial flexibility and allow it to pay down debt.
“The amended and restated facility is a testament to the progress we have made over the years to position our company in a much more advantageous position both financially and as a leader in the industry,” Debra Smithart-Oglesby, Denny's interim chief executive and chairman, said in statement. “This facility will help us continue to execute on our strategy of gaining market share and improving our operating performance over time.”
Spartanburg, S.C.-based Denny's operates or franchises 1,600 family-dining restaurants.
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