Key Developments For Ruth’s Hospitality Group, Inc.
Ruth’s Hospitality Group, Inc. (RUTH.O) (Nasdaq)
Ruth's Hospitality Group, Inc. Lowers FY 2009 Comparable Store Sales Outlook-Conference Call
Ruth's Hospitality Group, Inc. lowered its fiscal 2009 comparable store sales outlook and expects comparable same store sales trends to be down in the range of 18%-20%.
Ruth's Hospitality Group, Inc. Announces Shelf Registration Declared Effective By the Securities and Exchange Commission
Ruth's Hospitality Group, Inc. announced that the Securities and Exchange Commission (the SEC) has declared effective its universal shelf registration statement on Form S-3. Under the registration statement, the Company may from time to time issue up to $200 million of any combination of common stock, preferred stock and debt securities (including preferred stock or debt convertible into common stock and depositary shares representing preferred stock), or warrants, subscription rights, share purchase contracts or share purchase units consisting of any of the foregoing. The net proceeds of any such issuances are expected to be used for repayment of indebtedness and/or for general corporate and working capital purposes.
Ruth's Hospitality Group, Inc. Comments On FY 2009 Comparable Store Sales Trend-Conference Call
Ruth's Hospitality Group, Inc. announced that for fiscal 2009 it still maintains comparable-store sales trends to be down in the range of 15% to 18%.
Ruth's Hospitality Group, Inc. Announces Shelf Registration Declared Effective By the Securities and Exchange Commission
Ruth's Hospitality Group, Inc. announced that it has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) on June 25, 2009. The shelf registration statement allows the Company to raise capital from time to time through the sale of various types of securities not to exceed an aggregate value of $200 million.
Ruth's Hospitality Group, Inc. Amends Credit Agreement
Ruth's Hospitality Group, Inc. announced that it has amended its credit agreement to provide the Company with requested covenant relief and to make other changes to the agreement. The amendment reduces the revolving loan commitment from $250 million to $175 million, with additional reductions scheduled beginning December 31, 2009 through the final maturity date of February 19, 2013. The amendment decreases the Company's fixed charge coverage ratio and increases its maximum leverage ratio, in each case beginning with the fourth quarter of 2008 and continuing through the second quarter of 2010, after which these two covenants reset to their original levels. The amendment also adds two new covenants. The first is a minimum EBITDA test and the second places new restrictions on capital expenditures. The amendment also increases the interest rates applicable to borrowings based on the Company's actual leverage ratio, ranging from 2.50% to 4.25% above the applicable LIBOR rate or, at the Company's option, from 1.25% to 3.00% above the applicable base rate.
