This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bob Evans Farms, Inc. Announces $750 Million Amended Revolving Credit Facility

NEW ALBANY, Ohio, Jan. 6, 2014 /PRNewswire/ -- Bob Evans Farms, Inc. (NASDAQ: BOBE) announced today that it entered into a $750 million amended revolving credit facility agreement effective January 2, 2014.  The credit agreement represents a syndicated secured revolving credit facility under which up to $750 million will be available, with a letter of credit sub-facility of $50 million, and a $300 million accordion option to increase the revolving credit commitment to $1.05 billion.

Chairman and Chief Executive Officer Steve Davis said, "We are pleased with the closing of the amended credit facility.  This credit facility will provide flexible and low-cost funding to help us to continue driving our businesses with growth investments, while also rewarding our shareholders with meaningful capital returns through earnings growth, dividends and share repurchases.  As per our commitment, this credit facility will enable us to complete our intended full $225 million share repurchase program prior to the end of fiscal year 2014. In conjunction with our board of directors and external advisors, we evaluated a number of alternative funding options.  A revolving credit facility remained the lowest cost, and least restrictive, funding option."

PNC Bank, National Association, and PNC Capital Markets LLC, acted as administrative agent, and joint lead arranger and sole bookrunner, respectively for the facility.  J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Bank, National Association acted as joint lead arrangers.  Co-syndicated agents included Bank of America N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association.  The other lenders are KeyBank, National Association, Bank of America N.A., Fifth Third Bank, U.S. Bank National Association, The Huntington National Bank, and The Ohio Valley Bank Company.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs