The Cheesecake Factory Inc. has secured an extension to its revolving credit facility for $100 million. The company intends to use the funds in support of share repurchases between $150 million and $200 million. “We are pleased to have obtained an increase in our credit facility at the high end of our targeted range and at a favorable rate despite tight credit market conditions,” said David Overton, Chairman and CEO. “We are committed to prudently deploying capital towards earnings per share growth and improved returns on invested capital. Our share repurchases help to accomplish both of these goals, as well as return capital to shareholders.” In February, the company’s Board of Directors approved a ten million share increase in its share repurchase authorization 2008. As a result, the company currently has authorization to repurchase up to 17.5 million shares of its common stock.
Credit Extension for Restaurant Chain