Business
The ONE Group Announces Increase to Credit Facility Up to $87 Million
DENVER--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that it has successfully amended
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nThe ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that it has successfully amended the Company’s existing credit facility to provide an additional $50 million delayed draw senior secured term loan to its existing $25 million term loan and $12 million revolving credit facility.\n\nEmanuel “Manny” Hilario, President and CEO of The ONE Group, stated, \"The amendment to our credit facility greatly enhances our financial flexibility and, at our option, will allow us to accelerate our incredibly robust development pipeline. We thank our lenders for their partnership and confidence in our outlook for delivering long-term sustainable growth and value for our shareholders.”\n\nKey updates to the credit agreement include:\n\n\nAllows for a new $50 million delayed draw term facility, available to draw for up to 12 months and subject to a 1.75x Net Leverage Ratio incurrence test (as defined in the credit agreement) for permitted acquisitions, stock repurchases and new restaurant capital expenditures; and\n\n\nAllows the Company to redeem, repurchase or otherwise acquire its own capital stock in an aggregate amount of up to $50 million subject to a 1.75x Net Leverage Ratio incurrence test.\n\n\nGoldman Sachs Specialty Lending Group, L.P. served as administrative agent for the lenders.\n\nAbout The ONE Group\n\nThe ONE Group Hospitality, Inc. (Nasdaq: STKS) is a global hospitality company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:\n\n\nSTK, a modern twist on the American steakhouse concept with 25 restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.\n\n\nKona Grill, a polished casual, bar-centric grill concept with 24 restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.\n\n\nONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and o...