Morton’s Restaurant Group entered into a Credit and Guaranty Agreement with Goldman Sachs Bank USA providing it with a new five year $70 million credit facility. The new facility replaces the company’s previous $70 million credit facility which was scheduled to mature in early 2011.

The new facility includes a $60 million senior term loan and $10 million senior revolving credit facility and carries a short-term variable interest rate plus a leverage-based margin. The facility contains customary representations and warranties, and affirmative and negative covenants. The term loan and a portion of the revolver are being used to refinance the company’s borrowings outstanding under the previous credit facility.

"We are proud that we have maintained the integrity and strong reputation of our Morton's steakhouses through the tough economic climate of the past few years. We recently opened our first Morton's steakhouse in Mainland China, in Shanghai, and look forward to opening our new location in Uptown Dallas in February 2011. Together with our new credit agreement, which increases our financial flexibility, we believe that these developments better position us to expand the Morton's brand both domestically and internationally," said Christopher J. Artinian, president and chief executive officer of Morton's Restaurant Group.

Morton’s Restaurant Group, Inc. is the world's largest operator of company-owned upscale steakhouses.