DARDEN RESTAURANTS INC (DRI): debt financing — Darden Restaurants enters $600M term loan to fund Ruth's Hospitality acquisition

DARDEN RESTAURANTS INC

Entered $600M senior unsecured 3-year term loan, proceeds to finance pending acquisition of Ruth's Hospitality Group.
Also amended existing $1B revolver to replace LIBOR with Term SOFR; other terms unchanged.
Interest rate based on Term SOFR plus margin determined by credit rating.
Term loan matures on third anniversary of funding date (within 90 days of May 31, 2023).
Existing revolver facility of $1B remains unchanged aside from benchmark transition.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DARDEN RESTAURANTS INC incurred term loan of $600 million with Bank of America, N.A., as administrative agent at Term SOFR-based interest rate maturing third anniversary of the Funding Date.

Instrument: term loan
Principal: $600 million
Counterparty: Bank of America, N.A., as administrative agent
Rate: Term SOFR-based interest rate
Maturity: third anniversary of the Funding Date
Event: incurrence

Exact text from the filing

On May 31, 2023 (the “Closing Date”), the Company entered into a senior unsecured $600 million 3-year Term Loan Credit Agreement (the “Term Loan Agreement”) with Bank of America, N.A., as administrative agent

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DARDEN RESTAURANTS INC entered into Term Loan Agreement with Bank of America, N.A., as administrative agent, the lenders (the 'Term Loan Lenders') and other agents party thereto valued at $600 million (effective 2023-05-31).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, the lenders (the 'Term Loan Lenders') and other agents party thereto
Value: $600 million
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023 (the “Closing Date”), the Company entered into a senior unsecured $600 million 3-year Term Loan Credit Agreement (the “Term Loan Agreement”) with Bank of America, N.A., as administrative agent, the lenders (the “Term Loan Lenders”) and other agents party thereto

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DARDEN RESTAURANTS INC amended Amendment No. 1 with Bank of America, N.A., as administrative agent, the lenders (the 'Credit Agreement Lenders') and other agents party thereto (effective 2023-05-31).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, the lenders (the 'Credit Agreement Lenders') and other agents party thereto
Effective: 2023-05-31

Exact text from the filing

Effective May 31, 2023, Darden Restaurants, Inc. (“we,” “us” or the “Company”) entered into Amendment No. 1 (the “Amendment”) to the Company’s existing $1,000,000,000 Revolving Credit Agreement dated as of September 10, 2021 (the Credit Agreement”), with Bank of America, N.A., as administrative agent (the “Agent”), the lenders (the “Credit Agreement Lenders”) and other agents party thereto.

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Source: SEC EDGAR

accession 0000940944-23-000022

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