Benzinga | Aug 26, 2021 03:59PM EDT

Denny's Completes Refinancing Of Credit Facility; Relaunches Share Buyback

* Restaurant chain operator Denny's Corp (NASDAQ:DENN) said it has refinanced its amended and restated $350 million revolving credit facility to a new five-year $400 million revolving credit facility.

* Borrowings under the new credit facility will bear a tiered interest rate.

* Based on a current outstanding balance of $170 million, the interest rate is set at LIBOR plus 225 basis points, representing a 75 basis point reduction in the company's credit spread.

* Denny's will also relaunch its multi-year share repurchase program with approximately $248 million remaining in authorized share repurchases.

* Denny's has allocated approximately $554 million to repurchase about 54 million shares since late 2010.

* The company held $10.8 million in cash and equivalents as of June 30, 2021.

* Price Action: DENN shares are trading higher by 0.70% at $15.87 on the last check Thursday.