The Restaurant Group, the operator of brands including Wagamama and Frankie & Benny’s, has amended and extended its borrowing facilities.
The company’s revised £340m package includes a £220m term loan facility and a £120m revolving credit facility with its existing lenders, representing an early repayment of some £21m.
The deal gives the company an extra two years of debt facilities with the maturities of the term loan and the RCF extended to April 2028 and March 2027 respectively.
The covenant package provides additional headroom until March 2025, and for the next financial year, the group’s net leverage covenant will be set at 5x for the June 2023 covenant test, up from 4.5x, and 4.75x for the December 2023 covenant test, up from 4x.
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