Credit Suisse, KeyBanc Arrange Macaroni Grill Owner’s Facility
Ignite Restaurant announced that it closed a new $195 million senior secured credit facility. The new 4.5-year facility, which consists of a $165 million term loan and a $30 million revolving line of credit, replaces Ignite’s existing $150 million facility.
Credit Suisse and KeyBanc Capital Markets acted as joint lead arrangers and joint bookrunners for the transaction.
Michael Dixon, president and chief financial officer of Ignite said, “We’re pleased to have completed the refinancing of this new credit facility which will allow us to continue to grow our successful Brick House Tavern + Tap business. The new facility also gives us the financial flexibility to implement various initiatives that we believe will assist us in returning Joe’s Crab Shack to the positive same store sales trend it has enjoyed for the prior six years, and making the necessary changes to Romano’s Macaroni Grill so that it is accretive to Ignite’s earnings”
Huston, TX-based Ignite Restaurant Group owns and operates over 300 restaurants throughout the U.S. Ignite’s portfolio of restaurant concepts includes Joe’s Crab Shack, Romano’s Macaroni Grill and Brick House Tavern + Tap.