secwatch.observer — SEC 8-K summary
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Issuer:     DARDEN RESTAURANTS INC (DRI)
CIK:        0000940944
Form:       8-K
Filed at:   2023-06-01T23:59:59+00:00
Accession:  0000940944-23-000022
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/0000940944-23-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/940944/000094094423000022/dri-20230531.htm
  HTML page:      https://secwatch.observer/filing/0000940944-23-000022

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