Subsequent Events (Notes)

3 Months Ended

Mar. 29, 2015

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On April 29, 2015, the Company issued $200 million of 8% senior secured second lien notes due 2022 (the "New Notes") and used a portion of the proceeds to repurchase all of its outstanding Notes tendered pursuant to a cash tender offer and related consent solicitation (or through a redemption of any such Notes not purchased in the tender offer) and to pay related fees and expenses. The Company will use the net proceeds from the sale of the New Notes for working capital and general corporate purposes, including potential acquisitions and capital expenditures to remodel restaurants.

On April 29, 2015, the Company entered into an amendment to its senior credit facility to increase aggregate revolving credit borrowings by $10.0 million to $30.0 million (including an increase of $5.0 million to $20.0 million available for letters of credit). The amended senior credit facility has a five-year maturity, permits potential incremental increases in revolving credit borrowings of up to $25.0 million, subject to approval by the lenders, amends certain financial ratios which the Company must maintain and reduces the interest rate for revolving credit borrowings to, at the Company's option, (i) the alternate base rate plus the applicable margin of 2.0% to 2.75% based on the Company's total lease adjusted leverage ratio, or (ii) the LIBOR rate plus the applicable margin of 3.0% to 3.75% based on the Company's total lease adjusted leverage ratio (all as defined under the amended senior credit facility).