According to an SEC filing, OpenTable entered into a $50 million senior secured credit agreement with Wells Fargo Bank. The revolver, which will be used for working capital and other general corporate purposes, will mature on January 10, 2016. No drawings were made under the revolving facility on the closing date of the credit agreement, the filing said.
Borrowings made under the credit agreement bear interest at a rate based on either LIBOR plus 1.25% or 0.25% plus the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York plus 0.5%, (ii) the lender’s prime rate and (iii) the daily LIBOR for a one-month period plus 1%. The default rate is 2% above the rate otherwise applicable.
OpenTable is a provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants.