Daily News: April 18, 2013

Buffalo Wild Wings Franchisee Ups Facility with RBS, Wells

Diversified Restaurant Holdings (DHR), together with its wholly-owned subsidiaries, entered into a new comprehensive credit facility which includes an expanded term loan, development line of credit, and revolving line of credit.

DHR is the creator, developer and operator of restaurant and bar Bagger Dave’s Legendary Burger Tavern and one of the largest franchisees for Buffalo Wild Wings (BWW).

RBS Citizens acted as lead lender and administrative agent, with Wells Fargo Bank as documentation agent and lender in the $63 million credit facility which consists of:

  • a $46 million term loan, to be used to refinance substantially all of the company’s outstanding senior debt and related closing expenses;

  • a $15 million development line of credit, increased from the previous level of $10 million. The expanded line is available to further develop the geographic expansion of Bagger Dave’s and BWW restaurants; and

  • a $2 million revolving line of credit to be used for general and corporate working capital.

    “The new and expanded credit facility is a reflection of our recent growth combined with the strength of our balance sheet,” commented T. Michael Ansley, president and CEO of DRH. “The facility provides us the ability to expand our Bagger Dave’s footprint in terms of the number of locations and brand recognition and expand our Buffalo Wild Wings geographic presence.”