Chuy's Holdings announced that it has entered into a new five-year $25M revolving credit facility with Wells Fargo Bank (WFC), The new facility replaces an existing senior secured credit facility that was scheduled to mature in May 2016. At closing, $5M was drawn under the new revolving credit facility to pay off the balance of the old facility plus accrued interest and fees. Excluding the existing balance, the new facility allows for available borrowings of $20M compared to availability of approximately $10.5M under the old facility. Additionally, the new facility bears interest between 1.75%-2.25% over LIBOR, dependent upon the company's leverage ratio, with no LIBOR floor. As of closing, the company's borrowing rate was reduced by approximately five percent compared to the current rates under the previous facility and is expected to reduce annual interest expense by approximately $250,000 at current borrowing levels. In conjunction with the refinancing, the company will record a one-time pre-tax expense of approximately $91,000 related to the write-off of financing costs previously deferred for the old facility.