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.
About Bob Evans Farms, Inc.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name. At the end of the second fiscal quarter (October 25, 2013), Bob Evans Restaurants owned and operated 561 family restaurants in 19 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevans.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements involve various important assumptions, risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events. We discuss these factors and events, along with certain other risks, uncertainties and assumptions, under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 26, 2013, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are qualified by the cautionary statements in this section.
SOURCE Bob Evans Farms, Inc.