DALLAS, July 5, 2023 (GLOBE NEWSWIRE) — Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY ) (“Dave & Buster’s” or the “Company”) is the owner of entertainment and dining venues today. The operator and operator announced that the company successfully amended its credit agreement, achieved favorable pricing and expanded the Term Loan B facility to $900 million.
Amendments to the Credit Agreement, among others,
- Extended term loan facility with an aggregate principal amount of $900 million and an issue rate of 99.00
- Reduce the spread applicable to outstanding term loans and revolving loans under the credit agreement by 1.25%
- Provides additional scaling benefits to be used for general corporate and working capital purposes
Michael Quartieri of Dave & Buster said: “We are pleased with the swift execution and improved economics of this transaction, which is a testament to the strong financial position of our company and the positive momentum we have created in the year since our merger with Main Event .”CFO.
Deutsche Bank Securities Inc., JPMorgan Chase Bank (NA), Wells Fargo Securities, LLC, BMO Capital Markets Corp., Truist Securities Inc., Capital One and Fifth Third Bank, National Association acted as joint lead arrangers and joint bookrunners on the transaction.
Please refer to the Form 8-K filed with the SEC for more information on the amended credit agreement.
About Dave and Buster Entertainment
Founded in 1982 and headquartered in Copper, Texas, Dave & Buster’s Entertainment, Inc. is the owner and operator of 210 venues in North America, providing guests with premier entertainment and dining experiences under two distinct brands : Dave & Buster’s and Main Event. With 154 Dave & Buster’s branded stores in 41 states, Puerto Rico and Canada, the company offers guests the opportunity to “eat, drink, see,” all in one location. Each store offers a full menu of entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and a variety of entertainment attractions centered around playing games and watching live sports and other televised events. The company also operates 56 Main Event branded stores in 18 states across the country, offering state-of-the-art bowling, laser tag, hundreds of arcade games and virtual reality, making it the perfect place for families to bond and make memories. For more information on each brand, visit daveandbusters.com and mainevent.com.
The company cautions that this press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties, including: our ability to continue as a going concern; our ability to obtain waivers under our revolving credit facility and subsequently continue to meet covenant requirements; our ability to obtain other sources of funding; our overall indebtedness general business and economic conditions, including those caused by the coronavirus pandemic and any new coronavirus variants; the impact of competition; seasonality of the Company’s business; adverse weather conditions; future commodity prices; complaints and lawsuits from guests and employees ; fuel and utility costs; labor costs and availability; changes in consumer and business spending; changes in demographic trends; changes in government regulations; Unfavorable publicity, our ability to open new stores, acts of God and other risks and uncertainties. As a result, actual results may differ materially from the forward-looking statements, and the company cautions you not to rely on such forward-looking statements. Dave & Buster’s intends to make these forward-looking statements only as of the date of this news release and makes no commitment to update or revise these statements as more appropriate information becomes available, except as required by law.
Investor Relations Inquiries:
Cory Hatton, Vice President and Treasurer, Investor Relations
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