Cheesecake Factory Extends Debt

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The Cheesecake Factory Inc. said Thursday it has extended its revolving credit facility by $100 million, and it will use that money, as well as some other cash, to repurchase between $150 million and $200 million worth of its shares.


Last month, the Calabasas-based casual dinning chain owner approved a 10-million share increase to its stock repurchase plan for a total of 17.5 million. As of the end of February, the company had about 69.2 million shares outstanding, according to a regulatory filing.


Shares in Cheesecake Factory were down 2.2 percent to $20.36 in early trading Thursday on the Nasdaq. Shares hit a 52 week low of $17.24 on Jan. 22.

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