Nathan’s Famous Secures $70 Million in Flexible Financing

An announcement from Nathan’s Famous (NATH) is now available.

On July 10, 2024, Nathan’s Famous, Inc. secured a financial restructuring by entering into a Credit Agreement, securing a $60 million Term Loan and up to a $10 million Revolving Loan to refinance existing debt and fund general corporate needs. This agreement, maturing in 2029, includes options for incremental borrowing and is subject to certain financial ratios and covenants. The company can prepay loans without penalties and must adhere to stipulated financial ratios, with mandatory repayments triggered by specific cash proceeds. The agreement imposes operational restrictions but does not require collateral, offering flexibility for corporate management.

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