CEC Entertainment, LLC (“CEC Entertainment,” “We,” or “the Company”), the nationally recognized leader in family entertainment and dining, known for its Chuck E. Cheese, Peter Piper Pizza brands, and the virtual kitchen concept, Pasqually’s Pizza & Wings, announced today that it has successfully amended and extended its existing revolving credit agreement as of August 9th. The amendment includes extending the maturity date and increasing the facility to $100 million (the “Revolving Credit Facility”). Key highlights of the amended credit agreement include:

• $100 Million in Commitments: $50 million committed by JPMorgan Chase Bank and $50 million committed by Goldman Sachs Bank.
• Adjusted Ranking of Obligations: Obligations under the Revolving Credit Facility now rank pari passu with the Company’s existing 6.75% Senior Secured Notes due May 2026, instead of ranking senior to them.
• Extended Maturity Date: The maturity date is the earlier of August 9, 2029, or 91 days prior to the maturity date of the Company’s 6.75% Senior Secured Notes due May 2026, if any notes remain outstanding.
• Letter of Credit Sub-Facility: A $20 million letter of credit sub-facility is included in the agreement.
• Financial Maintenance Covenant: Starting with the fiscal quarter ending January 26, 2024, the financial maintenance covenant will increase from 4.00:1.00 to 5.50:1.00, tested when the aggregate Revolving Facility Credit exposure exceeds 40% of the commitments.
• SOFR-Based Interest Rate: The term SOFR rate is based on the forward-looking term secured overnight financing rate for the relevant currency, plus 0.10%, with a 4.00% margin, and a 0.00% SOFR floor.

JPMorgan Chase Bank is serving as the administrative and collateral agent for the Revolving Credit Facility.

As of August 12, 2024, CEC Entertainment had no borrowings outstanding under the Revolving Credit Facility, with $5.9 million of letters of credit issued but undrawn.

“The new revolving credit facility reflects the strength of our family-friendly restaurant and entertainment brands and positions us for significant future growth,” said Scott Drake, Chief Financial Officer of CEC Entertainment.

JPMorgan Chase Bank, N.A., served as the lead arranger, with Goldman Sachs Bank USA as the joint lead arranger for the amendment of the Revolving Credit Facility. Legal counsel for CEC Entertainment was provided by Akin Gump Strauss Hauer & Feld LLP, while Latham & Watkins LLP served as legal advisors to JPMorgan Chase Bank and Goldman Sachs Bank.

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” (“Pizza Made Fresh, Families Made Happy”). The Company operates in 45 states and 17 foreign countries and territories. As of April 28, 2024, CEC Entertainment, along with its franchisees, operated a total of 675 venues, including 509 Company-operated locations across 44 states and Canada. Franchisees operated 166 venues in 10 states and 16 foreign countries and territories, including Chile, Colombia, Costa Rica, Egypt, El Salvador, Guatemala, Honduras, Mexico, Panama, Peru, Puerto Rico, Qatar, Saudi Arabia, Suriname, Trinidad & Tobago, and the United Arab Emirates.