Research Desk Line-up: Performance Food Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=PLAY. The Company announced on August 18, 2017, that it closed a five-year $800 million senior credit facility. This credit facility is a senior secured obligation of Dave & Buster's Inc., and guaranteed by Dave & Buster's Holdings Inc. and some of Dave & Buster's Inc.'s material subsidiaries. For immediate access to our complimentary reports, including today's coverage, register for free now at:
Discover more of our free reports coverage from other companies within the Restaurants industry. Pro-TD has currently selected Performance Food Group Company (NYSE: PFGC) for due-diligence and potential coverage as the Company announced on August 16, 2017, its financial results for Q4 FY17 and full year FY17. Tune in to our site to register for a free membership, and be among the early birds that get our report on Performance Food when we publish it.
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- The above-mentioned facility comprises a $300 million senior secured first lien Term Loan A in addition to a $500 million revolver.
- Increased Borrowing capacity:An important point to note is that the terms of this amended and restated credit agreement augments the Company's borrowing capacity by approximately $300 million. As a result of which, its borrowing capacity would reach $800 millions.
- Lower interest rate:Moreover, the new facility would extend the term by two years to 2022 from 2020. It will also lower the Dave & Buster's s interest rate by 25 basis points.
How Dave & Buster's Used the Proceeds
- Dave & Buster's utilized the $300 million proceeds from the facility to refinance the existing Term Loan A in whole, out of which approximately $135 million was outstanding.
- The Company also used the proceeds to refinance the existing revolver, out of which $156 million was outstanding.
- The remaining proceeds were used for paying related interest and expenses, and providing cash for general corporate purposes.
- The existing five-year $500 million facility initiated on May 15, 2015, and originally included a $150 million senior secured Term Loan A in addition to a $350 million revolver.
Greater Capacity and Increased Flexibility from New Facility
Brian Jenkins, Chief Financial Officer of Dave & Buster's, commented on the new credit facility. He stated that this opportunistic refinancing would enhance the capacity and flexibility for Dave & Buster's, which in turn will enable the Company to generate more and more value for its shareholders. He said that with this facility, the Company has taken advantage of the current market conditions to lower its borrowing costs. Besides, the new facility is indicative of Dave & Buster's robust market position and highlights substantial opportunities for future growth.
Agents for the Credit Facility
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Regions Bank, N.A., and Capital One, N.A. had been appointed as the joint lead arrangers and bookrunners for this new facility.
About Dave & Buster's Entertainment
Dave & Buster's Entertainment, which was founded in 1982, is headquartered in Dallas, Texas. The Company owns and operates 100 venues that combine entertainment and dining in North America and provide customers the opportunity to "Eat Drink Play and Watch," all in one location. In fact, it offers a full menu of "Fun American New Gourmet" entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered on playing games and watching live sports and other televised events. As of now, Dave & Buster's has stores in 34 states and Canada.
Last Close Stock Review
Dave & Buster's Entertainment's share price finished yesterday's trading session at $60.24, slightly up 0.48%. A total volume of 612.44 thousand shares have exchanged hands. The Company's stock price soared 3.42% in the past six months and 35.37% in the previous twelve months. Additionally, the stock gained 7.00% since the start of the year. Shares of the Company have a PE ratio of 25.51 and have a market cap of $2.52 billion.
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