TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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September 29, 2025
Source: PR Newswire
IRVING, Texas, Sept. 26, 2025 /PRNewswire/ -- CEC Entertainment, LLC ("CEC Entertainment" or the "Company"), a nationally recognized leader in family entertainment and dining, successfully closed a $625 million private credit term loan facility and amended its existing revolving credit agreement. The proceeds from the new term loan facility, along with cash from the Company's balance sheet, were used to satisfy, discharge and fully redeem the Company's outstanding $650 million Senior Secured Notes due May 2026 (including accrued and unpaid interest), to pay related transaction expenses, with remaining amounts to be used for working capital and other general corporate purposes.
The amendment to the Company's existing revolving credit agreement reduces the total commitment from the revolving lenders from $100 million to $75 million. The Company's revolving credit facility continues to have a maturity date of August 9, 2029 and ranks pari passu with the new term loan facility.
The new term loan facility has a stated maturity date of September 26, 2030, provided that if the Company's existing revolving credit facility or any debt incurred to refinance the existing revolving credit facility has a stated maturity date that is earlier than the stated maturity date of the new term loan facility and any debt remains outstanding under the existing revolving credit facility or refinancing facility in respect thereof (other than issued and undrawn letters of credit and/or any indebtedness that is being repaid or refinanced on such date), then the new term loan facility shall mature on such date.
"This transaction is in line with the Company's stated commitments of deleveraging its balance sheet, reducing capital expenditures, and increasing free cash flow," said Chief Financial Officer Scott Drake. "Our team remains focused on building on the positive same store sales momentum created by the completion of our remodel program, expansion of active play, the successful launch of our Membership program and maximizing the positive impacts of these and other key initiatives."
About CEC Entertainment
CEC Entertainment is the owner, operator and franchisor of family entertainment and dining centers under the names "Chuck E. Cheese" ("Where A Kid Can Be A Kid") and "Peter Piper Pizza" ("The Fun is Baked In") in a total of 45 states and 17 foreign countries and territories. As of September 29, 2025, we and our franchisees operate a total of 657 venues, of which 501 were Company-operate venues located in 44 states and Canada. Our franchisees operate a total of 156 venues located in 10 states and 16 foreign countries and territories, including Australia, Chile, Colombia, the Dominican Republic, Egypt, El Salvador, Guatemala, Honduras, Kuwait, Mexico, Panama, Puerto Rico, Qatar, Saudi Arabia, Suriname, and Trinidad & Tobago.
