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Cracker Barrel enters $950M revolving credit facility

Cracker Barrel Old Country Store Inc. on Sept. 7 entered into a five-year $950 million revolving line of credit, which replaces its previous $750 million revolving credit facility.

Merrill Lynch Pierce Fenner & Smith Inc.; Wells Fargo Securities LLC; Coöperatieve Rabobank U.A., New York Branch; and SunTrust Robinson Humphrey Inc. are the joint lead arrangers and joint book runners for the debt funding. Bank of America NA is the administrative agent and collateral agent.

Wells Fargo Bank NA; Coöperatieve Rabobank U.A., New York Branch; and SunTrust Bank served as co-syndication agents. Regions Bank, U.S. Bank NA, Branch Banking and Trust Co., and PNC Bank NA acted as co-documentation agents.

First Tennessee Bank, Synovus Bank and Pinnacle Bank also participated in the facility, the Tennessee-based restaurant chain said.

At the time of closing, $400 million of borrowings were available under the new revolving credit line, aside from letters of credit issued during the normal course of Cracker Barrel's operations.