Brinker International Announces New Revolving Credit Facility
02 Marzo 2009 - 2:00PM
PR Newswire (US)
DALLAS, March 2 /PRNewswire-FirstCall/ -- Brinker International,
Inc. (NYSE:EAT) entered into a $215 million unsecured, three-year
revolving credit facility replacing its existing facility expiring
in October 2009. The company had approximately $90 million
outstanding on the previous line at the end of the second quarter,
which was classified as short term in its financial statements.
Funding under this new agreement will be classified as long-term
debt in the company's financial statements. As of the date of this
release, Brinker will have approximately $50 million funded on the
new line. This reduction is due to the efforts by the company to
improve operating efficiencies and prudently deploy capital in
order to maintain a strong credit profile. "Our ability to close
this transaction in a difficult financial environment is a
testament to the strength of our brands, our balance sheet and
considerable cash flow, as well as our financial relationships,"
said Marie Perry, Vice President of Investor Relations and Treasury
for Brinker International. Brinker elected to reduce the size of
the facility as it anticipates reduced future borrowing needs due
to the divestiture of Romano's Macaroni Grill, the reduction in
company-owned restaurant development and its focus on debt
repayment. The facility is primarily used as a backstop and to fund
the company's daily working capital needs. About Brinker
International At the end of the second quarter of fiscal 2009,
Brinker International either owned, operated or franchised 1,704
restaurants under the names Chili's Grill & Bar (1,495
restaurants), On The Border Mexican Grill & Cantina (165
restaurants) and Maggiano's Little Italy (44 restaurants). Brinker
also holds a minority interest in Romano's Macaroni Grill. The
statements contained in this release that are not historical facts
are forward-looking statements. These forward-looking statements
involve risks and uncertainties and, consequently, could be
affected by general business and economic conditions, the impact of
competition, the impact of acquisitions and divestitures and other
strategic transactions, the seasonality of the company's business,
adverse weather conditions, future commodity prices, fuel and
utility costs and availability, terrorists acts, consumer
perception of food safety, changes in consumer taste and behavior,
health epidemics or pandemics, changes in demographic trends,
availability of employees, unfavorable publicity, the company's
ability to meet its growth plan, acts of God, governmental
regulations, and inflation. DATASOURCE: Brinker International, Inc.
CONTACT: Stacey Sullivan, Media Relations, 1-800-795-7290, or Marie
Perry, Investor Relations, +1-972-770-1276, both of Brinker
International, Inc. Web Site: http://www.brinker.com/
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