Ignite Restaurant Group downsizes revolving loan to $25 million

By Sara Rosenberg

New York, March 17 - Ignite Restaurant Group reduced its revolver to $25 million from $30 million, according to a market source.

Pricing on the revolver, as well as on a $120 million term loan, remained at Libor plus 475 basis points with a 1.5% Libor floor and an original issue discount of 981/2.

GE Capital and Golub Capital are leading the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Ignite Restaurant Group is a Houston-based portfolio of restaurant concepts, including Joe's Crab Shack and Brick House Tavern & Tap.

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