85.7 F
San Fernando
Wednesday, Jun 7, 2023

Cheesecake Factory Amends Revolving Credit Facility

The Cheesecake Factory Inc. in Calabasas Hills has amended its revolving credit facility. Due in 2012, the five-year facility provides for a maximum available commitment of $300 million. Both the maximum available commitment and maturity date remain unchanged. When the Cheesecake Factory ended its fiscal year Dec. 30, 2008, the company had an outstanding balance of $275 million under the facility, standby letters of credit of approximately $16 million and net availability for borrowings of approximately $9 million. On Jan. 5, terms of the facility were changed so that the financial covenants, pricing grid and interest rates were each adjusted. “Given our reduced development plans for fiscal 2009, as well as a healthy level of cash flow that we anticipate our restaurants will generate next year, we should be well positioned to increase the amount of cash on our balance sheet and/or reduce our debt level, both of which we view as favorable options,” Chairman and CEO David Overton said.

Featured Articles

Related Articles