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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Bank, Goldman Sachs Bank Provide $100MM Commitments to CEC Entertainment
Wednesday, August 14, 2024
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Lenders/Participants
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JPMorgan Chase Bank [Lead Arranger, Administrative Agent, Collateral Agent]
Goldman Sachs Bank USA [Joint Lead Arranger]
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Structure
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Revolving Credit Facility Upsize, Extension
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Amount
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$100.000
Million
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Borrower(s)
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CEC Entertainment
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Description
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Amended and extended its existing revolving credit agreement. In addition to extending the maturity date and upsizing the facility to $100 million), some of the key terms of the amended credit agreement include: $100 million of commitments ($50 million committed by JPMorgan Chase Bank and $50 million committed by Goldman Sachs Bank); Obligations under the Revolving Credit Facility will no longer rank senior to, but instead rank pari passu with, the Company's existing 6.75% Senior Secured Notes due May 2026; Maturity date is the earlier of (i) August 9, 2029, and (ii) the date that is 91 days prior to the maturity date of the Company’s 6.75% Senior Secured Notes due May 2026 (the “Notes”) if any Notes remain outstanding on such date; $20 million letter of credit sub-facility; Beginning with the fiscal quarter ending January 26, 2024, the financial maintenance covenant is increased from 4.00:1.00 to 5.50:1.00, tested when the aggregate Revolving Facility Credit exposure exceeds 40.0% of the commitments; Term SOFR rate is determined by reference to the forward-looking term secured overnight financing rate for the relevant currency, plus 0.10% (either a one, three or six-month SOFR borrowing, at the Company’s option, with a 0.00% SOFR floor), plus a 4.00% margin.
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Industry
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Entertainment
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Location
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TX
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| Related Tags |
Goldman Sachs Bank USA, JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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