What happened Shares in restaurant and arcade entertainment company Dave & Buster's (NASDAQ: PLAY) rose more than 10% this morning and are still up 7% as of 12:50 p.m. EDT. The stock had been slowly climbing since last week when the company provided a business update that showed some positive trends. Today, it announced a plan to get some needed financing as it works its way out of the pandemic-related slump. Image source: Getty Images. So what The company said it aims to raise $500 million from selling senior secured debt due in 2025. The debt offering will result in a liquidity level of approximately $300 million, bringing it in line with the minimum $150 million liquidity requirement for the company's revolving credit facility. Some of the money the company plans to raise will go toward repaying the balance of its current term loan facility, and what it previously has drawn from its credit facility. Now what The dining and entertainment company has been heavily impacted by the pandemic. Its revenue plunged 85% in the second quarter ended Aug. 2, 2020. Consumers have been slow to come back to in-person venues, and instead have been allocating discretionary spending more toward take-out and delivery options. But as of Oct. 4, the company has reopened over 70% of its stores, and the declines in comparable-store sales have decreased each month through September. "The progress we've made reopening stores and driving sales recovery demonstrates the enduring strength of the Dave & Buster's brand," CEO Brian Jenkins said last week in the update. Investors who were encouraged by that update are applauding the improved short-term financial position the company announced it is seeking today. 10 stocks we like better than Dave & Busters EntertainmentWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Dave & Busters Entertainment wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Dave & Busters Entertainment. The Motley Fool has a disclosure policy.Source