Ruby Tuesday entered into a new $20 million 364-day senior secured revolving facility with UBS, Stamford Branch, replacing its four-year revolver administered by Bank of America that included Wells Fargo and Regions bank in the syndicate.

According to a related 8-K filing, the new credit facility replaces the prior credit facility, which was paid off in full on May 26, 2017. The new credit facility is extended to the company on substantially the same terms as the prior credit facility and is secured substantially by mortgages over certain of the company’s real estate assets, and substantially all of the company’s personal property, including equity interests in certain of its subsidiaries.

The new credit facility increases the flexibility of the Debt to EBITDAR ratio compared to the prior credit facility, from 4.65:1.00 to 5.00:1.00 and reduces the permitted indebtedness under its senior notes from $350.0 million to $212.5 million. Although the total commitment amount of $20 million has been reduced from $30 million under the prior credit facility, the $15 million sublimit for standby letters of credit remains unchanged.

The new credit facility is effective as of May 26, 2017. As of May 26, 2017, the company has no amounts drawn under the revolving loan commitment under the senior credit facility, and has $10.9 million drawn under standby letters of credit under the new credit facility.

Maryville, TN-based Ruby Tuesday is a national chain of casual dining restaurants.