Venture Bank Provides $11MM Facility for Famous Dave’s
DEC 12, 2016 - 6:42 am
Famous Dave’s successfully signed a new $11 million credit line with Venture Bank. The loan consists of three pieces and was done at interest rates of 4.25% and LIBOR+3.25%.
On December 2, 2016, the company off its $9.9 million loan with Wells Fargo.
According to a related 8-K filing, the new loan consists of:
$3.7 million of principal that matures in 10 years on December 2, 2026. The loan accrues interest at a rate of 4.25% for the first five years and then LIBOR+3.75% for the second half. It amortizes on a 20-year interest schedule and can be prepaid without a prepayment penalty at a rate of 20% of principal per year.
$6.3 million principal that matures in seven years on December 2, 2023. Principal and interest is paid monthly on a seven year amortization schedule. The interest rate is LIBOR+3.25% and can be prepaid anytime without any penalty.
$1 million principal that matures in three years on December 2, 2019. It accrues interest at a rate of LIBOR+3.25% and can prepaid anytime without any penalty.
Minnetonka, MN-based Famous Dave’s owns and franchises a chain of barbecue restaurants.
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