Brinker International enters $800M secured revolving credit facility, replaces prior credit agreement

BRINKER INTERNATIONAL, INC

New $800M secured revolver matures Aug 18, 2026; proceeds to repay existing facility and for working capital.
Interest rate: Eurodollar rate + 1.50%-2.25% or Base rate + 0.50%-1.25%, based on Debt to Cash Flow ratio.
Financial covenant: max Debt to Cash Flow ratio of 4.50:1 through Dec 2022, then 4.00:1 thereafter.
Lenders include JPMorgan, BofA, Wells Fargo, Truist, MUFG, US Bank, Rabobank.
Obligations secured by substantially all assets of Brinker and guarantors; certain exceptions for 2023 notes.

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