---
schema_version: "secwatch.filing_event.v1"
accession: "0000940944-23-000022"
form_type: "8-K"
ticker: "DRI"
cik: "0000940944"
company_name: "DARDEN RESTAURANTS INC"
filed_at: "2023-06-01T23:59:59+00:00"
generated_at: "2026-06-14T10:06:24.381002+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Darden Restaurants enters $600M term loan to fund Ruth's Hospitality acquisition

## Summary
- 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.

## SEC filing metadata
- accession: 0000940944-23-000022
- form_type: 8-K
- ticker: DRI
- cik: 0000940944
- company_name: DARDEN RESTAURANTS INC
- filed_at: 2023-06-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/0000940944-23-000022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/dri-20230531.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000940944-23-000022
- JSON: https://secwatch.observer/filing/0000940944-23-000022.json
- Plain text: https://secwatch.observer/filing/0000940944-23-000022.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/0000940944-23-000022-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/0000940944-23-000022-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/0000940944-23-000022-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.