(2) Reflects interest expense assuming the Company’s current post-IPO long-term debt balance of $74.5 million was outstanding as of the beginning of fiscal year 2011. This balance reflects $42.5 million repayment of long-term debt from the net proceeds from the IPO. This interest expense calculation assumes an interest rate of 6.25%. The interest adjustment is also based on the following assumptions: (a) an unused facility fee on the unfunded $25 million revolver at an annual rate of 0.5%; (b) a lower annual amortization of deferred loan costs of approximately $0.7 million per year after the write-off of approximately $1.1 million in deferred loan costs associated with the $42.5 million paydown which occurred in the second quarter of 2012 but is assumed to occur at the beginning of fiscal year 2011; and (c) an assumed $0.1 million per year in capitalized interest. Does not include any impact of the refinancing described in this press release.(3) Reflects the elimination of the management fees and expenses paid and reimbursed to J.H. Whitney for the periods presented.
Ignite Restaurant Group Announces Completion Of Restatement, Refinancing Transaction And Second And Third Quarter Results
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