Scottsdale-based Kona Grill Inc. has entered into a five-year amended credit agreement with KeyBank National Association and Zions First National Bank for revolving and term credit facilities totaling $60 million.
The amended credit terms replace an existing $35 million credit line.
"We are pleased to continue our partnership with KeyBank and are thrilled to have Zions First National Bank as a new partner on the upsized credit facilities," Berke Bakay, president and CEO of Kona Grill, said. "The amended credit facilities provide us with flexibility as we execute our growth plan and enables us to capitalize on the strength of our brand by locking into a new five-year term through October 2021. These facilities enable us to significantly increase the availability of funds, while providing additional flexibility for share repurchases, growth capital and general corporate purposes."
The amended facilities allow for available loans of $60 million, up from $35 million. The amended facilities also provide flexibility on capital distributions and are less restrictive. The agreement is for five years with an option to extend the term for one year upon the lenders' consent.
Kona Grill is a restaurant chain with an upscale casual atmosphere. Kona Grill owns and operates 42 restaurants spread across 22 states and Puerto Rico.
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