Ruth's Chris Steak House to repay some bank debt with IPO proceeds

By Sara Rosenberg

New York, April 26 - Ruth's Chris Steak House Inc. plans to repay some of its outstanding bank loans using a portion of the proceeds from a proposed initial public offering of common stock, according to an S-1 recently filed with the Securities and Exchange Commission.

Remaining IPO proceeds will be used to redeem senior and junior preferred stock.

The company got its credit facility on March 11 consisting of a $105 million six-year term loan with an interest rate of base rate plus 200 basis points and a $15 million five-year revolver.

Ruth's Chris Steak House is a Metairie, La.-based chain of steak houses.

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