Research Desk Line-up: Performance Food Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=PLAY. The Company announced on August 18, 2017, that it closed a five-year $800 million senior credit facility. This credit facility is a senior secured obligation of Dave & Buster's Inc., and guaranteed by Dave & Buster's Holdings Inc. and some of Dave & Buster's Inc.'s material subsidiaries. For immediate access to our complimentary reports, including today's coverage, register for free now at:
http://protraderdaily.com/register/
Discover more of our free reports coverage from other companies within the Restaurants industry. Pro-TD has currently selected Performance Food Group Company (NYSE: PFGC) for due-diligence and potential coverage as the Company announced on August 16, 2017, its financial results for Q4 FY17 and full year FY17. Tune in to our site to register for a free membership, and be among the early birds that get our report on Performance Food when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on PLAY; also brushing on PFGC. Go directly to your stock of interest and access today's free coverage at:
http://protraderdaily.com/optin/?symbol=PLAY
http://protraderdaily.com/optin/?symbol=PFGC
Financial Implications
- The above-mentioned facility comprises a $300 million senior secured first lien Term Loan A in addition to a $500 million revolver.
- Increased Borrowing capacity: An important point to note is that the terms of this amended and restated credit agreement augments the Company's borrowing capacity by approximately $300 million. As a result of which, its borrowing capacity would reach $800 millions.
- Lower interest rate: Moreover, the new facility would extend the term by two years to 2022 from 2020. It will also lower the Dave & Buster's s interest rate by 25 basis points.
How Dave & Buster's Used the Proceeds
- Dave & Buster's utilized the $300 million proceeds from the facility to refinance the existing Term Loan A in whole, out of which approximately $135 million was outstanding.
- The Company also used the proceeds to refinance the existing revolver, out of which $156 million was outstanding.
- The remaining proceeds were used for paying related interest and expenses, and providing cash for general corporate purposes.
- The existing five-year $500 million facility initiated on May 15, 2015, and originally included a $150 million senior secured Term Loan A in addition to a $350 million revolver.
Greater Capacity and Increased Flexibility from New Facility
Brian Jenkins, Chief Financial Officer of Dave & Buster's, commented on the new credit facility. He stated that this opportunistic refinancing would enhance the capacity and flexibility for Dave & Buster's, which in turn will enable the Company to generate more and more value for its shareholders. He said that with this facility, the Company has taken advantage of the current market conditions to lower its borrowing costs. Besides, the new facility is indicative of Dave & Buster's robust market position and highlights substantial opportunities for future growth.
Agents for the Credit Facility
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Regions Bank, N.A., and Capital One, N.A. had been appointed as the joint lead arrangers and bookrunners for this new facility.
About Dave & Buster's Entertainment
Dave & Buster's Entertainment, which was founded in 1982, is headquartered in Dallas, Texas. The Company owns and operates 100 venues that combine entertainment and dining in North America and provide customers the opportunity to "Eat Drink Play and Watch," all in one location. In fact, it offers a full menu of "Fun American New Gourmet" entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered on playing games and watching live sports and other televised events. As of now, Dave & Buster's has stores in 34 states and Canada.
Last Close Stock Review
Dave & Buster's Entertainment's share price finished yesterday's trading session at $60.24, slightly up 0.48%. A total volume of 612.44 thousand shares have exchanged hands. The Company's stock price soared 3.42% in the past six months and 35.37% in the previous twelve months. Additionally, the stock gained 7.00% since the start of the year. Shares of the Company have a PE ratio of 25.51 and have a market cap of $2.52 billion.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: [email protected]
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily