LEBANON, Tenn., Sept. 7, 2018 /PRNewswire/ -- Cracker Barrel Old
Country Store, Inc. (NASDAQ: CBRL) announced today that it has
entered into a five-year $950 million
revolving line of credit. This new credit facility replaces the
previous $750 million revolving line
of credit. Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Wells Fargo Securities, LLC, Coöperatieve Rabobank U.A.,
New York Branch, and SunTrust
Robinson Humphrey, Inc. are the Joint Lead Arrangers and Joint
Bookrunners; and Bank of America, N.A., is the Administrative Agent
and Collateral Agent. Wells Fargo Bank, National Association,
Coöperatieve Rabobank U.A., New
York Branch, and SunTrust Bank are Co-Syndication Agents;
and, Regions Bank, U.S. Bank National Association, Branch Banking
and Trust Company, and PNC Bank, National Association are
Co-Documentation Agents. First Tennessee Bank, Synovus Bank, and
Pinnacle Bank also participated in the facility.
"We believe this transaction, which provides us with greater
financial flexibility on favorable terms, demonstrates the
confidence of the financial community in our company, the Cracker
Barrel brand, and our strategic direction," said Jill Golder, Senior Vice President and Chief
Financial Officer. 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.
Cracker Barrel will be filing an 8-K in respect of the new
credit facility with the Securities and Exchange Commission by no
later than Tuesday, September 11.
About Cracker Barrel Old Country
Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) shares
warm welcomes and friendly service while offering guests
high-quality homestyle food and unique shopping – all at a fair
price. By creating a world filled with hospitality and charm
through an experience that combines dining and shopping, guests are
cared for like family. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its
affiliates operate 654 company-owned Cracker Barrel Old Country
Store® locations in 45 states and own the fast-casual Holler and
Dash® restaurants. For more information about the company, visit
crackerbarrel.com.
CBRL-F
Investor
Contact:
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Adam
Hanan
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(615)
443-9887
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|
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Media
Contact:
|
Janella
Escobar
|
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(615)
235-4618
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SOURCE Cracker Barrel Old Country Store, Inc.