CRACKER BARREL OLD COUNTRY STORE, INC (CBRL): debt financing — Cracker Barrel issues $345M of 1.75% convertible notes due 2030; repurchases $150M of 2026 notes

CRACKER BARREL OLD COUNTRY STORE, INC

Issued $345M aggregate principal of 1.75% Convertible Senior Notes due 2030; initial conversion price ~$72.23/share (32.5% premium).
Net proceeds ~$333.9M; used $145.9M to repurchase $150M of outstanding 0.625% 2026 notes in concurrent privately negotiated transactions.
Entered into capped call transactions with initial strike ~$72.23 and cap ~$87.22 to offset potential dilution upon conversion.
Partially unwound existing convertible note hedge and warrant transactions related to the repurchased 2026 notes.
Remaining net proceeds to be used for general corporate purposes, including possible repayment under revolving credit facility.

item 1.01 item 1.02 item 2.03 item 3.02 item 8.01 item 9.01

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

CRACKER BARREL OLD COUNTRY STORE, INC incurred convertible notes of $345 million aggregate principal amount with U.S. Bank Trust Company, National Association, as trustee at 1.75% per annum maturing September 15, 2030.

Instrument: convertible notes
Principal: $345 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Rate: 1.75% per annum
Maturity: September 15, 2030
Event: incurrence

Exact text from the filing

On June 13, 2025, Cracker Barrel Old Country Store, Inc., a Tennessee corporation (the “Company”), closed its previously announced issuance and sale of $345 million aggregate principal amount of 1.75% Convertible Senior Notes due 2030 (the “Notes”), which included the exercise in full of the initial purchasers’ option to purchase up to an additional $45 million principal amount of the Notes.

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CRACKER BARREL OLD COUNTRY STORE, INC filing history →

Source: SEC EDGAR

accession 0001104659-25-059873

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