Cracker Barrel Closes On Five-year $750 Mln Credit Facility - Quick Facts

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL) said it has entered into a five-year $750 million revolving line of credit.

The company noted that the new credit facility replaces a $500 million revolving line of credit, and a term loan of $181 million. Wells Fargo Securities, LLC; Merrill Lynch, Pierce Fenner & Smith Incorporated; and Rabobank are the joint lead arrangers and Joint bookrunners.

Cracker Barrel said that at the time of closing, there were $400 million of borrowings under the new revolving line of credit, in addition to letters of credit issued in the normal course of the Company's business.

Compared to the facility that it replaces, the new facility will reduce the company's credit spreads by 0.25 percent, which the company estimates will result in a reduction of annual interest expense of about $1 million per year.