* New $215 million, 3-year credit line
* Reduction from $300 million already planned
NEW YORK, March 2 Brinker International Inc
(EAT.N) said on Monday that it entered a $215 million
unsecured, three-year credit line to replace its existing $300
million credit facility, which is expiring in October.
The company, which operates the Chili's Grill & Bar and
Maggiano's Little Italy restaurants, had disclosed its plans
for a reduced credit facility in February.
The smaller revolving credit line comes as the restaurant
operator expects lower borrowings after the sale of majority
stake in its Macaroni Grill chain, a reduction in new
restaurant building plans and its efforts to repay debt,
The company said it has $90 million outstanding on the
previous credit line at the end of the second quarter. Its
funding under the new line will be classified as long term
debt, Brinker said.
Brinker said it currently has about $50 million funded on
the new line.
(Reporting by Aarthi Sivaraman; Editing by Derek Caney)