Brief: Ruth's Hospitality Group Says On March 27 Entered Into Second Amendment To Credit Agreement Dated Feb 2, 2017 - SEC Filing

Ruth's Hospitality

30/03/2020 11:50

March 30 (Reuters) - Ruth's Hospitality Group Inc  RUTH.O :
    * RUTH'S HOSPITALITY GROUP INC SAYS ON MARCH 27 ENTERED INTO
SECOND AMENDMENT TO CREDIT AGREEMENT DATED FEB 2, 2017 - SEC
FILING
    * RUTH'S HOSPITALITY GROUP INC - AMENDMENT INCREASES AMOUNT
OF
REVOLVING CREDIT FACILITY TO $150.0 MILLION
    * RUTH'S HOSPITALITY GROUP INC - PROVIDED NOTICE TO LENDERS
TO
BORROW REMAINING AVAILABLE AMOUNT UNDER REVOLVING CREDIT
FACILITY
    * RUTH'S HOSPITALITY GROUP INC -  TOTAL OF $149.8 MILLION IS
CURRENTLY OUTSTANDING UNDER REVOLVING CREDIT FACILITY
    * RUTH'S HOSPITALITY GROUP INC - LENDING GROUP HAVE RELAXED
LEVERAGE COVENANT RESTRICTIONS TO 4.00 TIMES BANK ADJUSTED
EBITDA THROUGH Q1 OF 2021
    * RUTH'S HOSPITALITY GROUP INC - INCREASED ITS CAPACITY AND
BORROWINGS UNDER REVOLVING CREDIT FACILITY AS A PRECAUTIONARY
MEASURE
    * RUTH'S HOSPITALITY GROUP -  EFFECTIVE MARCH 30, FURLOUGHED
MAJORITY OF ITS NON-EXEMPT TEAM MEMBERS IN FIELD, MANAGERS OF
CLOSED RESTAURANT LOCATIONS
    * RUTH'S HOSPITALITY GROUP -  EFFECTIVE MARCH 30, FURLOUGHED
SUBSTANTIAL NUMBER OF EMPLOYEES IN COMPANY'S HOME OFFICE
    * RUTH'S HOSPITALITY GROUP - IMPLEMENTED PAY REDUCTIONS FOR
ALL
REMAINING HOME OFFICE AND FIELD EMPLOYEES BY GRADUATED AMOUNTS
BETWEEN 10% AND 30%
    * RUTH'S HOSPITALITY -WILL PAY EMPLOYEE, EMPLOYER SHARE OF
HEALTHCARE PREMIUMS FOR NEXT 60 DAYS FOR FURLOUGHED MEMBERS IN
CO'S HEALTHCARE BENEFITS PLAN

Source : (https://bit.ly/2UMYhjZ)
Further company coverage:  RUTH.O 

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