This excerpt taken from the WEN 8-K filed Mar 12, 2009.
Arby’s Restaurant Group, Inc. Credit Agreement; Wendy’s Added as Co-Borrower
ATLANTA, March 12, 2009 – Wendy’s/Arby’s Group, Inc. (NYSE: WEN), the parent company of Wendy’s International, Inc. (“Wendy’s”) and Arby’s Restaurant Group, Inc. (“Arby’s”), announced today that it has completed the amendment of Arby’s senior secured credit facility. The amended credit agreement adds Wendy’s as a co-borrower.
The amended credit agreement includes a senior secured term loan, due in July 2012, under which $393 million is outstanding, and a $100 million senior secured revolving credit facility expiring in July 2011.
This amended credit facility utilizes the combined financial results of Arby’s and Wendy’s and a more moderately leveraged balance sheet to provide significant cushion against financial covenants.
Roland Smith, President and Chief Executive Officer of Wendy’s/Arby’s Group, said, “We are extremely pleased to complete this amendment with our lenders. The amendment enhances our overall financial flexibility and our ability to manage and utilize cash. It also marks another step in building a stronger, more efficient organization. We have two great brands, a moderately leveraged balance sheet and strong cash flow generating capabilities to create value for our stockholders.”