Red Robin Gourmet Burgers raised approximately $30 million through its “at-the-market” equity offering program, satisfying the terms of its amended credit agreement. According to an 8K filed with the SEC, Wells Fargo served as administrative agent for the credit agreement.

The issuance of this equity meets the “minimum capital event” as defined in the first amendment to credit agreement and waiver to the Red Robin’s amended and restated credit agreement. Therefore, the lenders have suspended the application of the leverage ratio covenant and FCCR covenant, in each case, through Dec. 27, 2020, and increased the maximum leverage permitted for purposes of the leverage ratio covenant for each of the first three fiscal quarters ending in 2021.

Red Robin intends to use the net proceeds from sales of shares of its common stock under the ATM program for general corporate purposes, including repayment of indebtedness.

The shares are being offered through J.P. Morgan Securities, which is acting as distribution agent.

Red Robin is a casual dining restaurant chain founded in 1969.