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Deutsche Bank Securities, JPMorgan, Others Amend Dave & Buster’s Credit Agreement

January 22, 2024, 07:58 AM
Filed Under: Entertainment

Dave & Buster's Entertainment announced that the Company successfully amended its credit agreement, achieving a reduction in the interest rate margin applicable to its term loans and revolving loans outstanding under its credit agreement by 60 basis points (inclusive of the removal of the 10 basis point credit spread adjustment) with an additional 25 basis point reduction with respect to the term loans upon achieving certain ratings from Moody’s and S&P. Term loans now bear an interest rate of SOFR + 325 basis points (versus SOFR + 375 prior to the amendment). The amendment is expected to result in over $5 million of annual cash interest savings. There are no changes to the maturity of the outstanding term loans and revolving loans as a result of the repricing.

Deutsche Bank Securities, JPMorgan Chase Bank, Wells Fargo Securities, BMO Capital Markets, Truist Securities, Capital One and Fifth Third Bank acted as joint lead arrangers and joint bookrunners for the transaction.

“We are pleased with the outcome of this purely opportunistic repricing and would like to thank our lender group for their support in a swift execution as we continue to reduce cash interest costs for added financial flexibility and the benefit of our shareholders,” said Michael Quartieri, Dave & Buster’s Chief Financial Officer.

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