LAKEWOOD, COLO. — The board of directors of Einstein Noah Restaurant Group, Inc. has completed its comprehensive strategic alternatives review process to maximize shareholder value by recapitalizing the company and declaring a one-time special dividend to shareholders of $4 per share, payable on Dec. 27 to shareholders of record as of Dec. 17. Einstein said the recapitalization includes the amendment and restatement of the company’s existing senior credit facility, which consists of a term loan A and a revolver with a syndicate of banks. The amendment and restatement of the facility increases the company’s term loan A to $100 million from $75 million, increases the revolver to $75 million from $50 million and extends the maturity date to Dec. 6, 2017, from Dec. 20, 2015.

The company said it plans to use the $175 million to fund the one-time special dividend, the ongoing quarterly dividend, working capital, capital expenditures, and other general corporate purposes.

 “Today’s announcement is the culmination of a thorough examination of strategic alternatives and represents an important milestone for Einstein Noah,” said Nelson Heumann, chairman of the board. “We are pleased to have been able to recapitalize the business through our existing bank facility on such favorable terms and maintain modest leverage. We view this one-time special dividend as a clear demonstration of our commitment to returning capital to shareholders, as well as our confidence in the strong results and momentum of the business. As always, we are determined to create and unlock value for the benefit of all shareholders by further strengthening our business model and realizing our substantial expansion opportunities.”