secwatch.observer — SEC 8-K summary
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Issuer:     CRACKER BARREL OLD COUNTRY STORE, INC (CBRL)
CIK:        0001067294
Form:       8-K
Filed at:   2025-05-16T23:59:59+00:00
Accession:  0001104659-25-050085
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cracker Barrel enters $550M revolver, $250M DDTL; amends bylaws with proxy access and contested election rules
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- New credit facility: $550M revolver (down from $700M) plus $250M delayed draw term loan; matures May 2030 or earlier if 2021 convertible notes remain outstanding.
- Financial covenants: total leverage ≤4.00x, interest coverage ≥4.00x; dividend/repurchase capped at $100M/year when DDTL outstanding.
- Bylaw amendments: majority vote in uncontested elections, proxy access for 3% holders for 3 years, ineligibility for directors with <20% votes.
- Reimbursement provision: $5M cost shift for repeated failed contested nominations; Board cites six contests since 2011 by same shareholder.
- 2021 Convertible Notes ($300M, 0.625% due 2026) trigger March 2026; company must have $125M cash availability to extend revolver maturity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1067294/000110465925050085/0001104659-25-050085-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1067294/000110465925050085/tm2515390d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-050085

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