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Hi all,

This is interesting (emphasis mine).

MINNEAPOLIS, July 5, 2011 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE - News) 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.

Here's the 8K for those gluttons for legaleze:

One indication of value that I remember Ben Graham mentioning in one of his books is that when a company has sufficient borrowing capacity to buy all of its stock outright with borrowed funds, that's a good value. Dave's Market Cap at $10.28 is $82.64 million. So, Dave is only a little better than 1/3rd of a value. :)

Still impressive to think that within 5-years Dave might buy back another 1/3rd of itself on top of the 1/4 they've already done since I originally bought them.

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