Dave And Busters Credit Agreement

DALLAS, August 18, 2017 (GLOBE NEWSWIRE) — Dave – Buster`s Entertainment, Inc. (NASDAQ:PLAY) (“Dave – Buster`s” or “the company”), owner and operator of entertainment and catering businesses, announced today that it has closed a five-year, $800 million senior credit facility, which is guaranteed by Dave – Buster`s, Inc. and Dave Buster`s Holdings, Inc. and a few subsidiaries based on Dave`s equipment. The facility consists of a $300 million senior who, in addition to a $500 million revolver, secured The first pledge of Term Loan A. In a separate notification, Dave-Buster`s explained that he may not be able to avoid a default as part of his amended credit contract. The Esquissine chain said it will depend on when “reopen stores and the level of customers new-commitment when they reopen, as well as our ability to get another relief from our lenders.” ir.daveandbusters.com/news-releases/news-release-details/dave-busters-announces-third-quarter-results-and-introduces-new When Dave-Buster is due to finish chapter 11 in the future, his high level of secured debt could make the process more complicated, as more creditors are fighting over the same pool of assets, said James Silver, a liquidator at Fort. As part of the transaction, the company suspends certain support bond alliances until April 2022, adds a minimum liquidity agreement of $150 million and extends the term of its revolving credit facility by two years until 2024, according to the company. The terms of this revised and revised credit agreement increase the company`s borrowing capacity by more than $300 million to $800 million, extend the term of two years until 2022 from 2020 and reduce the company`s interest rate by 25 basis points.

Dave Buster`s Entertainment Inc. PLAY, up 1.18% said on Monday that it would offer $500 million in senior security notes in a private offer exempt from registration requirements. The news pushed the stock up 9.3% in morning trading. The debt is secured by the same subsidiaries of the company that guarantee the long-term credit facility and the revolving credit facility of Dave-Buster. Once the debt offer is complete, Dave-Buster`s will have approximately $299.1 million in cash. The entity will use the product to use the remaining balance for both the long-term credit facility and the revolving credit facility.