Company: RRGB
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0001171759-25-000020
Chunk: 9

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-05-29
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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in thousands):April 20, 2025VariableInterest RateDecember 29, 2024VariableInterest RateRevolving line of credit$5,000 11.92 %$20,000 12.03 %Term loan$166,702 12.06 %$169,470 12.21 %Total borrowings171,702 189,470 Less: unamortized debt issuance costs and discounts6,871 7,829 Long-term debt$164,831 $181,641 Revolving line of credit unamortized deferred financing charges:$1,119 $1,298 Credit FacilityOn March 4, 2022, the Company replaced its prior amended and restated credit agreement (the "Prior Credit Agreement") with a new credit agreement (the "Credit Agreement") by and among the Company, Red Robin International, Inc., as the borrower, the lenders from time to time party thereto, the issuing banks from time to time party thereto, Fortress Credit Corp., as Administrative Agent and as Collateral Agent and JPMorgan Chase Bank, N.A., as Sole Lead Arranger and Sole Bookrunner. The five-year $240.0 million Credit Agreement provides for a $40.0 million revolving line of credit and a $200.0 million term loan (collectively, the "Credit Facility"). The borrower maintains the option to increase the Credit Facility in the future, subject to lenders’ participation, by up to an additional $40.0 million in the aggregate on the terms and conditions set forth in the Credit Agreement.The Credit Facility will mature on March 4, 2027. No amortization is required with respect to the revolving Credit Facility. The term loans require quarterly principal payments in an aggregate annual amount equal to 1.0% of the original principal amount of the term loan. The Credit Agreement's interest rate references the Secured Overnight Financing Rate ("SOFR"), a new index calculated by short-term repurchase agreements and backed by U.S. Treasury securities, or the Alternate Base Rate ("ABR"), which represents the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.5% per annum, or (c) one-month term SOFR plus 1.0% per annum.As of April 20, 2025, the Company had outstanding borrowings under the Credit Facility of $164.8 million, including $5.0