Nathan's Famous enters $70M credit facility; redeems $60M secured notes due 2025

NATHANS FAMOUS, INC.

New $60M term loan and $10M revolver (expandable by $10M) from Citibank, matures July 2029.
Proceeds used to refinance $60M 6.625% Secured Notes due 2025; redemption called for Aug 14, 2024.
Interest at Term SOFR + 1.40% or Base Rate; commitment fee 0.20% on undrawn revolver.
Unsecured; quarterly amortization of 1% of original term loan starting Sept 30, 2024.
Covenants: fixed charge coverage ≥1.20x, net leverage ≤3.00x.

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