Cadence Bank extended Good Times Restaurants’ credit agreement maturity to January 2023 and expanded the facility to $11 million.
“Cadence Bank has continued to be a strong partner by extending the maturity of our credit facility and continuing to provide us adequate credit during a tenuous time for borrowers in the casual dining space. This amendment retains the attractive pricing of the original agreement while at the same time adjusting the capacity to better align with our reduced expected borrowings in connection with our revised point of view on appropriate leverage,” Ryan Zink, CEO of Good Times Restaurants, said. “We believe the facility’s size, which will further adjust to $8 million on July 1, provides us flexibility given the uncertainty accompanying the COVID-19 pandemic while at the same time providing us adequate capital to fulfill obligations to complete the development this year of two Bad Daddy’s leases originally executed during 2019.
“Our pace of development continues to be guided by the two principles of operations excellence and financial discipline. As such, we expect our future restaurants to open with management teams with greater organizational tenure than in the past and to be financed primarily from operating cash flow as we strive to maintain a strong balance sheet with minimal leverage,”
Good Times Restaurants owns, operates, franchises and licenses 39 Bad Daddy’s Burger Bar restaurants through its wholly-owned subsidiaries.
