September 20, 2014 9:46 AM ET

Hotels, Restaurants and Leisure

Company Overview of Steak n Shake Operations, Inc.

Company Overview

Steak n Shake Operations, Inc. operates a restaurant. The company offers burgers and milk shakes, breakfast menus, lunch and dinner menus, nutrition menus, ingredients and allergens, printable menus, late night menus, grilled salads, and kid’s menus for guests. It also provides franchise opportunities. Steak n Shake Operations, Inc. was formerly known as Steak n Shake, Inc. and changed its name to Steak n Shake Operations, Inc. in February 2001. The company was founded in 1934 and is based in Indianapolis, Indiana. Steak n Shake Operations, Inc. operates as a subsidiary of Biglari Holdings Inc.

107 South Pennsylvania Street

Suite 400

Indianapolis, IN 46204

United States

Founded in 1934

Phone:

317-633-4100

Fax:

317-633-4105

Key Executives for Steak n Shake Operations, Inc.

Steak n Shake Operations, Inc. does not have any Key Executives recorded.

Steak n Shake Operations, Inc. Key Developments

Steak n Shake Operations, Inc. Enters into Senior Secured Term Loan Facility Agreement in an Aggregate Principal Amount of $220.0 Million

On March 19, 2014, Steak n Shake Operations, Inc., as borrower and Steak n Shake Enterprises, Inc. and Steak n Shake, LLC (together with Steak n Shake Enterprises, the Subsidiary Guarantors), as guarantors, each a subsidiary of Biglari Holdings Inc. entered into a credit agreement with the lenders party thereto Jefferies Finance LLC, as joint lead arranger, syndication agent, documentation agent, book manager, administrative agent and collateral agent, and Fifth Third Bank, as joint lead arranger, swingline lender and issuing bank. The Credit Agreement provides for a senior secured term loan facility in an aggregate principal amount of $220.0 million (the Term Loan Facility) and a senior secured revolving credit facility in an aggregate principal amount of up to $30.0 million (the Revolving Credit Facility and, together with the Term Loan Facility, the New Credit Facility). The Term Loan Facility is scheduled to mature on March 19, 2021 and will amortize at an annual rate of 1.0% in equal quarterly installments, beginning on June 30, 2014, of 0.25% of the original principal amount of the Term Loan Facility, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the Credit Agreement, with the balance due at maturity. The Revolving Credit Facility will be available on a revolving basis until March 19, 2019.

Steak n Shake Operations, Inc. and Subsidiaries Enter into First Amendment to its Credit Agreement with Fifth Third Bank

On September 18, 2013, Biglari Holdings Inc.'s subsidiary, Steak n Shake Operations, Inc., along with certain of its subsidiaries, have entered into a First Amendment to its Credit Agreement with Fifth Third Bank, dated as of September 25, 2012. The First Amendment relates to the ability of Steak n Shake to make certain investments, including into The Lion Fund II, L.P. The First Amendment also extends the maximum total leverage ratio up to 3.75 to 1.00 for the period ending September 30, 2013, as well as makes certain other amendments to the Credit Facility.

Steak n Shake Operations, Inc. Announces International Expansion Agreement with Saleh Bin Lahej Group

Steak n Shake Operations, Inc. announced its first international development agreement, which will bring this notable "better burger" chain to the Middle East. Steak n Shake has signed an exclusive area development agreement with the Saleh Bin Lahej Group to open 40 restaurants throughout the United Arab Emirates. This agreement represents the initial expansion of the "better burger" brand outside the continental United States. The Saleh Bin Lahej Group is in the vanguard of international franchise operators of major restaurant brands such as Chili's, Macaroni Grill, Black Canyon Asian Cuisine, El Chico Mexican Restaurant, The Pizza Company, and Cantina Laredo. The new partnership further develops the Saleh Bin Lahej Group Hospitality Division, which has grown impressively in recent years as demand for international brands in the Middle East has burgeoned. Steak n Shake expects to open its first location in Dubai during 2013.

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