Round Table Pizza Inc. has completed the refinancing of its senior debt. On Nov. 2, the company entered into a $35 million senior secured credit agreement with Summit Partners, a growth equity firm that makes equity and credit investments in growing companies across North America, Europe and Asia.
Under the new credit facility, Round Table obtained a term loan in the aggregate principal amount of $32.5 million, which matures in five years. It also received the option of obtaining additional growth capital of up to $2.5 million.
Concurrently, Round Table Pizza terminated its existing credit agreement with GE Capital and Prudential covering an outstanding principal amount of $28.8 million.
"This new credit facility provides us the capital we need to execute our strategic business plan," said Rob McCourt, Round Table CEO. "We were able to secure the new loan on competitive terms and creatively structure the credit facility to reduce our quarterly loan payments."
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