Cracker Barrel Old Country Store announced it entered into a five-year $750 million revolver. This new facility replaces a $500 million revolver and a term loan of $181 million.

Wells Fargo Securities, Merrill Lynch and Rabobank are joint lead arrangers and joint bookrunners, and Wells Fargo Bank as administrative agent. Bank of America and Rabobank are co-syndication agents, and SunTrust Bank, Regions Bank, US Bank and the Bank of Tokyo-Mitsubishi UFJ are co-documentation agents. Branch Banking and Trust Company, Fifth Third Bank, PNC Bank, First Tennessee Bank, Synovus Bank, Pinnacle Bank, Greenstone Farm Credit Services, ACAFLCA and Avenue Bank participated in the facility.

“We believe that the successful completion of this transaction demonstrates the confidence of the financial community in our Company, the Cracker Barrel brand, and our strategic direction,” said Lawrence E. Hyatt, the SVP and CFO of Cracker Barrel Old Country Store. “By simplifying and extending the maturities of our financing arrangements, and reducing our credit spreads, this new facility provides us with greater financial flexibility.”

At the time of closing, there were $400 million of borrowings under the new revolving line of credit, in addition to letters of credit issued in the normal course of the company’s business. Compared to the facility that it replaces, the new facility reduces the company’s credit spreads by 0.25%, which the company estimates will result in a reduction of annual interest expense of approximately $1 million per year.

Cracker Barrel Old Country provides a home-away-from home environment in its old country stores and restaurants.