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Famous Dave's Announces Amendment and Extension of Credit

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Rawnoc   Tuesday, 07/05/11 04:05:45 PM
Re: None
Post # of 105 
Famous Dave's Announces Amendment and Extension of Credit Facility With Wells
Fargo Bank, NA

MINNEAPOLIS, Jul 5, 2011 (GlobeNewswire via COMTEX) -- Famous Dave's of America,
Inc. (DAVE) today announced that it has amended its existing credit facility with
Wells Fargo Bank, NA, to extend its revolving line of credit for an additional
five years, to modify the maturity on its term loan to be coterminous with the
credit facility, and to allow for an additional $30.0 million in stock
repurchases over the next five years. The credit facility is available for
general working capital purposes as well as for the repurchase of shares under
the company's share repurchase program. At July 5, 2011, the principal amount of
debt outstanding under the Company's amended and restated credit facility was
$10.4 million.

"We have had a strong partnership with Wells Fargo for many years, and are
gratified by the continued trust in our management team and in our business,"
said Diana Purcel, Famous Dave's chief financial officer. "This amendment
provides us with the overall financial flexibility to support our various growth
initiatives and continuation of stock repurchases."

The amendment also revises the previous credit facility's pricing. Principal
amounts outstanding under the amendment bear interest either at an adjusted LIBOR
rate plus an applicable margin, or at a Base Rate (defined as the greater of the
Federal Funds rate plus 0.75 percent or Wells Fargo's prime rate), plus an
applicable margin. The applicable margin will depend on the company's adjusted
leverage ratio, which ranges from 1.5 percent to 2.25 percent for LIBOR Loans and
from 0.00 percent to 0.75 percent for Base Rate Loans. Additionally, the
amendment also revises the required minimum annual amortization of principal of
its term loan acquired in March 2010, from 5 percent to 10 percent. At July 5,
2011, the principal amount outstanding under this term loan was approximately
$6.3 million. For further details, please see the Company's Current Report on
Form 8-K being filed today with the SEC.

"We are extremely pleased to extend our relationship with Famous Dave's with a
new, long term credit facility that will support the company's ambitions to grow
the brand and build value for its shareholders," said Nick Cole, Executive Vice
President of Wells Fargo Restaurant Finance. "Famous Dave's is a strong brand
with an attractive history and even greater potential in the future. New
restaurants and exciting menu additions will only help ensure the concept
continues to enjoy its fantastic reputation. We are excited to be a part of the
company's future," added Cole.

About Famous Dave's

Famous Dave's of America, Inc. develops, owns, operates and franchises barbeque
restaurants. As of today, the company owns 52 locations and franchises 129
additional locations in 37 states. Its menu features award-winning barbequed and
grilled meats, an ample selection of salads, side items, sandwiches, and unique
desserts.

The Famous Dave's of America, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7726

Statements in this press release that are not strictly historical, including but
not limited to statements regarding the timing of our restaurant openings and the
timing or success of our expansion plans, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks, which may cause the
company's actual results to differ materially from expected results. Although
Famous Dave's of America, Inc. believes the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectation will be attained. Factors that could cause actual
results to differ materially from Famous Dave's expectation include financial
performance, restaurant industry conditions, execution of restaurant development
and construction programs, franchisee performance, changes in local or national
economic conditions, availability of financing, governmental approvals and other
risks detailed from time to time in the company's SEC reports.

This news release was distributed by GlobeNewswire, http://www.globenewswire.com

SOURCE: Famous Dave's of America
CONTACT: Diana G. Purcel - Chief Financial Officer
952-294-1300


(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.

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