DARDEN RESTAURANTS INC (DRI): debt financing — Darden enters $1.25B revolving credit facility, upsizes from $1B prior facility

DARDEN RESTAURANTS INC

New $1.25B unsecured revolver replaces $1B facility; matures October 23, 2028.
No borrowings outstanding at closing; facility includes $150M letter-of-credit sublimit.
Interest rate based on credit rating; proceeds for working capital, capex, acquisitions.
Financial covenant limits consolidated total debt to capitalization ratio to 0.75:1.
Agreement includes customary covenants, events of default, and an accordion feature.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

DARDEN RESTAURANTS INC incurred credit facility of $1,250,000,000 with Bank of America, N.A., as administrative agent, and the lenders at Interest rates on borrowings under the Credit Agreement will be based on prevail maturing The Credit Agreement matures on October 23, 2028.

Instrument: credit facility
Principal: $1,250,000,000
Counterparty: Bank of America, N.A., as administrative agent, and the lenders
Rate: Interest rates on borrowings under the Credit Agreement will be based on prevail
Maturity: The Credit Agreement matures on October 23, 2028
Event: incurrence

Exact text from the filing

On October 23, 2023, Darden Restaurants, Inc. (“we,” “us” or the “Company”) entered into a $1,250,000,000 Revolving Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent, and the lenders (the “Lenders”) and other agents party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

DARDEN RESTAURANTS INC terminated Prior Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party to the Prior Credit Agreement valued at $1,000,000,000 (effective 2023-10-23).

Action: termination
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders party to the Prior Credit Agreement
Value: $1,000,000,000
Effective: 2023-10-23

Exact text from the filing

On October 23, 2023, upon effectiveness of the Credit Agreement described under Item 1.01 above, the Company terminated its prior $1,000,000,000 credit agreement, dated as of September 10, 2021 and amended as of May 21, 2023 (the “Prior Credit Agreement”), by and among us, Bank of America, N.A., as administrative agent, and the lenders party to the Prior Credit Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

DARDEN RESTAURANTS INC entered into Revolving Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party thereto valued at $1,250,000,000 (effective 2023-10-23).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders party thereto
Value: $1,250,000,000
Effective: 2023-10-23

Exact text from the filing

On October 23, 2023, Darden Restaurants, Inc. (“we,” “us” or the “Company”) entered into a $1,250,000,000 Revolving Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent, and the lenders (the “Lenders”) and other agents party thereto.

View on SEC.gov

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Source: SEC EDGAR

accession 0000940944-23-000064

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