Dave & Buster’s Entertainment, Inc. Announces Amendment to Credit Agreement, Reduces Spread 1.25% and Further Enhances Liquidity Position with Upsize of Term Loan B to $900 Million on Strong Demand
05 Julho 2023 - 8:30AM
Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave
& Buster's" or "the Company"), an owner and operator of
entertainment and dining venues, today announced that the Company
successfully amended its credit agreement, achieving favorable
pricing and upsizing the Term Loan B facility to $900 million.
The amendment to the credit agreement, among other things,
- Provides for an upsized term loan
facility in an aggregate principal amount of $900 million, issued
at an OID of 99.00
- Reduces the interest rate margin
applicable to term loans and revolving loans outstanding under the
credit agreement by 1.25%
- Provides additional upsize proceeds
that will be used for general corporate and working capital
purposes
“We are pleased with the swift execution and improved economics
of this deal which is a testament to the strong financial position
of our company and positive momentum we have created in the year
following the merger with Main Event,” said Michael Quartieri, Dave
& Buster’s Chief Financial Officer.
Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Wells
Fargo Securities, LLC, BMO Capital Markets Corp., Truist Securities
Inc., Capital One, N.A. and Fifth Third Bank, National Association
acted as joint lead arrangers and joint bookrunners for the
transaction.
Please refer to the Form 8-K filed with the SEC for additional
information on the amended credit agreement.
About Dave &
Buster’s Entertainment, Inc.
Founded in 1982 and headquartered in Coppell,
Texas, Dave & Buster's Entertainment, Inc., is the owner and
operator of 210 venues in North America that offer premier
entertainment and dining experiences to guests through two distinct
brands: Dave & Buster’s and Main Event. The Company has 154
Dave & Buster’s branded stores in 41 states, Puerto Rico, and
Canada and offers guests the opportunity to "Eat Drink Play and
Watch," all in one location. Each store offers a full menu of
entrées and appetizers, a complete selection of alcoholic and
non-alcoholic beverages, and an extensive assortment of
entertainment attractions centered around playing games and
watching live sports and other televised events. The Company also
operates 56 Main Event branded stores in 18 states across the
country, and offers state-of-the-art bowling, laser tag, hundreds
of arcade games and virtual reality, making it the perfect place
for families to connect and make memories. For more information
about each brand, visit daveandbusters.com and mainevent.com.
Forward-Looking Statements
The Company cautions that this release contains
forward-looking statements. These forward-looking statements
involve risks and uncertainties, including: our ability to continue
as a going concern; our ability to obtain waivers, and thereafter
continue to satisfy covenant requirements, under our revolving
credit facility; our ability to access other funding sources; our
overall level of indebtedness; general business and economic
conditions, including as a result of the coronavirus pandemic and
any new coronavirus variants; the impact of competition; the
seasonality of the Company’s business; adverse weather conditions;
future commodity prices; guest and employee complaints and
litigation; fuel and utility costs; labor costs and availability;
changes in consumer and corporate spending; changes in demographic
trends; changes in governmental regulations; unfavorable publicity,
our ability to open new stores, acts of God and other risks and
uncertainties described the Company’s Annual Report on Form 10-K
filed with the SEC on March 28, 2023. Accordingly, actual results
may differ materially from the forward-looking statements, and the
Company therefore cautions you against relying on such
forward-looking statements. Dave & Buster’s intends these
forward-looking statements to speak only as of the time of this
release and does not undertake to update or revise them as more
appropriate information becomes available, except as required by
law.
For Investor Relations
Inquiries:
Cory Hatton, VP Investor Relations &
Treasurer Dave & Buster’s Entertainment,
Inc.cory.hatton@daveandbusters.com
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