Dave & Buster’s Entertainment closed a five-year $800 million senior credit facility consisting of a $300 million senior secured first lien term loan A and a $500 million revolver.

The terms of this amended and restated credit agreement increased the company’s borrowing capacity by more than $300 million to $800 million, extended the term by two years to 2022 from 2020 and lowered the company’s interest rate by 25 basis points.

Merrill Lynch, Wells Fargo Securities, Regions Bank and Capital One are the joint lead arrangers and bookrunners.

The company utilized approximately $300 million of proceeds from the new facility to refinance in whole the existing term loan A (of which $135 million was outstanding), refinance the existing revolver (of which $156 million was outstanding), pay related interest and expenses and provide cash for general corporate purposes. The existing five-year $500 million facility commenced on May 15, 2015 and was originally comprised of a $150 million senior secured term loan A and a $350 million revolver.

“This opportunistic refinancing provides Dave & Buster’s with greater capacity and increased flexibility to continue to invest in our business, while returning value to shareholders. We’ve also taken advantage of current market conditions to lower our borrowing costs. The new facility is recognition of the company’s strong market position as well as opportunities for significant future growth,” said Brian Jenkins, CFO,

Dallas-based Dave & Buster’s Entertainment owns and operates 100 venues in North America that combine entertainment and dining. Dave & Buster’s currently has stores in 34 states and Canada.