SOUTHFIELD, Mich., March 20, 2014 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company"), the creator, developer and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Burger Tavern® ("Bagger Dave's") and one of the largest franchisees for Buffalo Wild Wings® ("BWW"), today announced that it has amended its existing credit facility with RBS Citizens, N.A.
The amendment provides $20.0 million of development capital to enable the geographic expansion of Bagger Dave's and BWW restaurants. The amendment also provides a 25 basis point reduction on the Company's existing total debt.
In 2014, the Company plans to open a total of 11 new restaurant locations. This includes eight new Bagger Dave's locations in Michigan and Indiana, a 44.4% unit increase over the 18 units in operation at the end of 2013. The Company also plans to open three Buffalo Wild Wings restaurants in Michigan and Florida during the year.
"We believe that the new development capital and interest rate reduction are testaments to the strength of our balance sheet and successful execution of our growth," commented David G. Burke, Chief Financial Officer of DRH. "Although our cash balance remains strong, additional development capital provides us with flexibility to effectively execute on our strategic growth plan."
RBS Citizens, N.A., acted as lead lender and administrative agent.
About Diversified Restaurant Holdings
Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company") owns and operates Bagger Dave's Burger Tavern, a full-service, family-friendly restaurant and full bar with a casual, comfortable atmosphere specializing in custom-built, proprietary, fresh prime rib recipe burgers, famous all-natural turkey burgers, hand-cut fries, locally crafted beers on draft, hand-dipped milk shakes, salads, black bean turkey chili, and much more. Currently there are 18 company-owned Bagger Dave's restaurants in Michigan and Indiana. DRH will open eight additional company-owned locations during 2014 in Indiana and Michigan. For more information, visit www.baggerdaves.com.
The Company also operates 36 Buffalo Wild Wings Grill & Bar franchised restaurants in Indiana, Illinois, Michigan, and Florida, with an Area Development Agreement to open an additional 13 locations by 2017. DRH will open three more units in Michigan, Indiana, and Florida in 2014.
The Company routinely posts news and other important information on its website at www.diversifiedrestaurantholdings.com.