UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 26, 2003
Denny's Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-18051 13-3487402
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
203 East Main Street, Spartanburg, SC 29319-9966
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (864) 597-8000
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(Former name or former address, if changed since last report)
Item 5. Other Events
On September 26, 2003, Denny's Corporation issued a press release announcing
that its operating subsidiaries, Denny's Inc. and Denny's Realty, Inc., have
amended and restated their $125 million revolving credit facility to include a
new $40 million term loan, thereby increasing the aggregate commitments to $165
million. A copy of the press release is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits:
99.1 - Press release dated September 26, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Denny's Corporation
Date: September 29, 2003 /s/ Andrew F. Green
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Andrew F. Green
Senior Vice President
and Chief Financial Officer
Exhibit 99.1
Press Release
Investor Contact: Ken Jones
864-597-8658
Media Contact: Debbie Atkins
864-597-8361
DENNY'S ANNOUNCES TERM LOAN SUPPLEMENT TO EXISTING CREDIT FACILITY
SPARTANBURG, S.C., September 26, 2003 -- Denny's Corporation (OTCBB:
DNYY) today announced that its operating subsidiaries, Denny's Inc. and Denny's
Realty, Inc., have amended and restated their $125 million revolving credit
facility to include a new $40 million term loan, thereby increasing the
aggregate commitments to $165 million.
The amended and restated facility, including the new term loan, will
continue to mature on December 20, 2004. The structure of the revolving portion
of the credit facility is generally unchanged. The new term loan will bear
interest at a fixed rate of 11.0% per annum and will not amortize prior to
maturity. The term loan lenders will share in the same security package as the
revolving lenders; however, the term loans will be subordinated in right of
payment to the revolving loans.
The Company today used the $40 million term loan proceeds to pay down
outstanding revolving loans, thus increasing availability under the revolving
portion of the credit facility and enhancing the Company's current liquidity
position. Accordingly, the $165 million credit facility now consists of
outstanding term loans of $40 million, outstanding letters of credit of $38
million, and outstanding advances under the revolver of $22 million, leaving a
net availability of $65 million.
Denny's is America's largest full-service family restaurant chain,
operating directly and through franchisees 1,653 Denny's restaurants in the
United States, Canada, Costa Rica, Guam, Mexico, New Zealand and Puerto Rico.
For further information on the Company, including news releases, links to SEC
filings and other financial information, please visit the Denny's website at
www.dennys.com.
Certain matters discussed in this release may constitute forward
looking statements involving risks, uncertainties, and other factors that may
cause the actual performance of Denny's Corporation, its subsidiaries and
underlying restaurants to be materially different from the performance indicated
or implied by such statements. Factors that could cause actual performance to
differ materially from the performance indicated by such statements include,
among others: the competitive pressures from within the restaurant industry; the
level of success of the Company's operating initiatives and advertising and
promotional efforts; adverse publicity; changes in business strategy or
development plans; terms and availability of capital; regional weather
conditions; overall changes in the general economy, particularly at the retail
level; political environment (including acts of war and terrorism); and other
factors from time to time set forth in the Company's SEC reports, including but
not limited to the discussion in Management's Discussion and Analysis and the
risks identified in Exhibit 99 contained in the Company's Annual Report on Form
10-K for the year ended December 25, 2002 (and in the Company's subsequent
quarterly reports on Form 10-Q).