Einstein Noah to up capital spending in 2011
LAKEWOOD, COLO. — The board of directors of Einstein Noah Restaurant Group has approved the expansion of the company’s capital expenditure budget to $28 million to $30 million in 2011, up from $17 million to $19 million in 2010. The budget includes the opening of 10 to 14 new corporate stores and the relocation of an additional 10 to 14 stores, along with the continued roll-out of a new coffee program. Additionally, Einstein Noah said it has entered a new senior $125 million credit facility with a syndicate of banks. The facility has a five-year term expiring Dec. 20, 2015, and includes a term loan of up to $75 million and a revolving credit facility of up to $50 million.