030149 Jack in the Box Obtains New FinancingJanuary 23, 2003San Diego, CA - Jack in the Box Inc., operator and franchiser of Jack in the Box restaurants, announced the closing of a new $350 million senior credit facility arranged and underwritten by Wachovia Securities. The new financing comprises a $200 million revolving credit facility over three years with an initial rate of LIBOR + 2.25%, and a $150 million term loan to be amortized over 4.5 years at an initial rate of LIBOR + 3.25%. It replaces a $175 million revolving credit facility, which was due to expire March 31. The new financing will be used for general corporate purposes, including letters of credit, working capital, capital expenditures, costs associated with the company's recent acquisition of Qdoba Restaurant Corp., and to refinance existing indebtedness. The company recently obtained senior secured credit ratings of BB+ and Ba2 from Standard and Poor's and Moody's, respectively. Other banks involved as lead agents were Fleet National Bank, U.S. Bancorp, Rabobank, and BNP Paribas. Founded in 1951, Jack in the Box is among the nation's leading fast-food hamburger chains. The company operates or franchises more than 1,860 quick-serve restaurants in 17 states.
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