Red Robin amends credit agreement to remove $50M cap on sale-leaseback transactions

RED ROBIN GOURMET BURGERS INC

Removed the $50M aggregate cap on sale-leasebacks of company-owned real property.
Net proceeds up to $50M may be reinvested in business within 360 days.
Net proceeds exceeding $50M require mandatory prepayment of term loans.
Prepayment premium on mandatory prepayments from excess sale-leaseback proceeds reduced to 50%.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RED ROBIN GOURMET BURGERS INC amended Amendment No. 1 with Fortress Credit Corp., as administrative agent and collateral agent (effective 2023-07-17).

Action: amendment
Agreement: credit facility
Counterparty: Fortress Credit Corp., as administrative agent and collateral agent
Effective: 2023-07-17

Exact text from the filing

On July 17, 2023, Red Robin Gourmet Burgers, Inc. (“Holdings”) and its wholly-owned subsidiary, Red Robin International, Inc. (together with Holdings and its subsidiaries, the “Company”), entered into Amendment No. 1 (the “Amendment”) to its Credit Agreement, dated as of March 4, 2022 (the “Existing Credit Agreement”), with the lenders party thereto and Fortress Credit Corp., as administrative agent and collateral agent.

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Source: SEC EDGAR

accession 0001171759-23-000035

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