Denny’s launches Spanish-language Facebook page
Spartanburg, S.C. – Denny’s Corp. has launched its new Spanish-language Facebook page, Denny’s Latino. As part of the brand’s integrated communications efforts to connect with customers at different touch-points, the Denny’s Latino page includes original and curated content designed to actively engage with online Latinos, and promote ongoing dialogue with this audience.
Through regular updates, Denny’s will inform customers about new menu items, as well as incentive promotions and exclusive offers found only on Denny’s Latino. More than one in five of Denny’s customers are Latino, and Denny’s also offers Spanish-language menus.
Abercrombie plans to refinance $500 million in credit
New Albany, Ohio – Abercrombie & Fitch Co. has initiated a process to refinance $500 million in existing credit facilities to two new facilities worth a total of $750 million. Proceeds are expected to be used to pay off a remaining $131.5 million balance and outstanding borrowings of $60 million related to existing credit facilities, and to pay related fees and expenses associated with the transaction.
The existing credit facilities consist of a $350 million unsecured revolving credit facility maturing July 2016 and a $150 million Term Loan A maturing February 2017. The new credit facilities are expected to consist of a $400 million asset-based revolving credit facility and a $325 million Term Loan B maturing five and seven years after the closing date, respectively.
The balance of the proceeds will be used for general corporate purposes, including potential share repurchases in accordance with the company’s previously announced stock repurchase authorizations.
“The proposed refinancing we have initiated is an opportunity for A&F to take advantage of current favorable credit markets, and increase financial flexibility for the company in the future,” said Everett Gallagher, treasurer of Abercrombie & Fitch Co.
Bed Bath & Beyond proposes unsecured senior notes offering
Union, N.J. – Bed Bath & Beyond Inc. intends to offer, subject to market and other conditions, senior unsecured notes due 2024, senior unsecured notes due 2034 and senior unsecured notes due 2044 under a shelf registration on file with the Securities and Exchange Commission. Bed Bath & Beyond intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are acting as joint book-running managers.