The purchase price is comprised of $116 million in cash and the issuance of 2.35 million shares of common stock, of which 941,000 shares were delivered at closing with the balance of the shares to be delivered over the next five years. O'Charley's was advised in this transaction by Morgan Joseph & Co. Inc. O'Charley's is financing the transaction with a new $300 million credit facility consisting of a four-year $200 million senior revolving credit facility and a $100 million senior term loan to be amortized over six years, led by Wachovia Securities.
The acquisition, which involves 74 locations in Massachusetts, New Hampshire, Rhode Island, Maine, Vermont and Connecticut, marks O'Charley's entrance into the New England region. With the addition of Ninety Nine, O'Charley's now operates three stand-alone concepts run by separate management teams--O'Charley's, Ninety Nine Restaurant & Pub and Stoney River Legendary Steaks--with a total of 268 locations in 21 states.
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