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UPDATE 1-Brinker gets $215 mln revolving credit line
March 2, 2009 / 1:38 PM / in 9 years

UPDATE 1-Brinker gets $215 mln revolving credit line

* New $215 million, 3-year credit line

* Reduction from $300 million already planned

NEW YORK, March 2 (Reuters) - 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, Brinker said.

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)

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