Issue Date: Vol. 51, No. 3, March 2011, Posted On: 2/24/2011
Dave & Buster's Plans Stock Buyback; Q4 Sees Higher Comp Store Sales
Dave & Buster's, family entertainment center, FEC, amusement business, arcade game, coin machine business, coin machine, jukebox, pinball machine, coin-op news
DALLAS -- Dave & Buster's Inc. said its indirect parent holding company, Dave & Buster's Parent Inc., intends to offer 12.25% senior discount notes to generate approximately $100 million. The senior discount notes will mature in 2016.
The company intends to use all of the net proceeds of the offering to pay a dividend to its stockholders (or repurchase a portion of the parent’s company common stock owned by stockholders) and to pay related fees and expenses.
Separately, D&B's said comparable store sales increased 1.2% for the fourth quarter of fiscal 2010, ended Jan. 30, over the same period in fiscal 2009. Additionally, the company announced that as of Jan. 30, 2011, there were no outstanding borrowings under the revolving credit facility portion of its senior secured credit facility.
Founded in 1982, Dave & Buster's operates stores in 24 states and Canada.
In May 2010, Oak Hill Capital Partners and the Dave & Buster's management team formed a partnership to acquire Dave & Buster's. Oak Hill Capital Partners is a private equity firm with more than $8 billion of committed capital.