FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


PNC Bank Agents Bob Evans Farms Facility Amendment

May 18, 2015, 07:36 AM
Filed Under: Restaurant

Bob Evans Farms, Inc. announced it amended its existing $750 million credit facility. The amended terms of the credit facility allow, subject to stated requirements, the repurchase of up to $150 million of shares in fiscal year 2016, and increases the maximum leverage ratio for the period starting April 24, 2015, through January 27, 2017, and thereafter. Information concerning the amendment was filed by the Company today with the Securities and Exchange Commission and can be obtained here.

Chief Financial Officer Mark Hood said, "We are pleased to have completed this amendment to our credit facility as it enables Bob Evans Farms to continue returning capital to shareholders in a disciplined and prudent manner while also providing the flexibility necessary to complete restructuring and turnaround efforts."

PNC Bank, National Association, and PNC Capital Markets LLC, acted as administrative agent, and joint lead arranger and sole bookrunner, respectively for the facility. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Bank, National Association acted as joint lead arrangers. Co-syndicated agents included Bank of America N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, National Association. The other lenders are KeyBank, National Association, Bank of America N.A., Fifth Third Bank, U.S. Bank National Association, The Huntington National Bank, and The Ohio Valley Bank Company.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.