Bob Evans Farms amended its existing $750 million credit facility. PNC Bank and PNC Capital Markets acted as administrative agent, joint lead arranger and sole bookrunner, respectively for the facility. J.P. Morgan Securities, Merrill Lynch and Wells Fargo Bank, acted as joint lead arrangers. Co-syndicated agents included Bank of America, JPMorgan Chase Bank and Wells Fargo Bank. The other lenders are KeyBank, Bank of America, Fifth Third Bank, U.S. Bank, The Huntington National Bank and The Ohio Valley Bank Company.

The amended terms of the credit facility allow, subject to stated requirements, the repurchase of up to $150 million of shares in fiscal year 2016, and increases the maximum leverage ratio for the period starting April 24, 2015, through January 27, 2017, and thereafter.

Chief Financial Officer Mark Hood said, “We are pleased to have completed this amendment to our credit facility as it enables Bob Evans Farms to continue returning capital to shareholders in a disciplined and prudent manner while also providing the flexibility necessary to complete restructuring and turnaround efforts.”

Bob Evans Farms owns and operates full-service restaurants under the Bob Evans Restaurants brand name.