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Denny’s inks $250M credit facility

Denny’s inks $250M credit facility

Denny’s Corp. has entered into a new five-year, $250 million credit facility that refinances its senior secured debt and is expected to result in annualized interest expense savings of about $5 million, the company said Thursday.

The new senior secured bank credit facility includes a $190 million term loan and a $60 million revolving line of credit. The facility refinances Denny’s senior secured debt from September 2010, which was amended in March 2011. The former facility held a $250 million term loan and a $60 million revolver.

“Our new credit facility is a testament to the tremendous progress Denny’s has made over the past several years with its franchise-focused business model, resulting in a stronger balance sheet with growing profitability and free cash flow,” John Miller, Denny’s president and chief executive, said in a statement. “In addition to reducing interest costs, this refinancing allows the company to further strengthen its balance sheet with more flexibility to create additional value for stockholders.”

The refinanced facility has a reduced interest rate of LIBOR, or London Interbank Offered Rate, plus 300 basis points, or 3 percent, for the term loan and revolver. The prior facility held an interest rate of LIBOR plus 375 basis points, or 3.75 percent.

The Spartanburg, S.C.-based company, which operates or franchises 1,685 family-dining restaurants, said the closing of the new facility will lead to an $8 million one-time charge in the second quarter.

Wells Fargo Securities LLC, Regions Capital Markets and GE Capital Markets Inc. are the joint lead arrangers and joint bookrunners in the new facility.

RELATED: Video: Denny's CEO John Miller on tapping new markets

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Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


Printmaker, Interrupted

This exhibition is the result of a call for entries highlighting works created in the spirit of printmaking during the Covid-19 pandemic global response of “shelter in place” and “stay at home” conditions which displaced most art students and faculty from the facilities vital for their media. The call was open for two weeks in April 2020 welcoming all media used in the creative process as students and faculty worked from home with limited resources.

About The Organizers

Jess Dowell and Tess Murphy are the undergraduate students at Illinois State University who work in Normal Editions for independent study credit, Spring 2020. Jess is a BFA in Printmaking, Painting, and Graphic Design with a minor in Art History and Tess is a BFA in Printmaking with a minor in Women and Gender Studies. As part of work suddenly being done at home due to ‘Shelter in Place’ we thought it would be a good project to reach out to many artists who are in the same predicament where creating work in a proper printmaking studio has been temporarily interrupted. We would like to see how others are coming up with ways to make artwork in the spirit of printmaking using creative problem solving techniques.


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