Vital Farms, Inc. (VITL): debt financing — Vital Farms enters $60M senior secured revolving credit facility with JPMorgan

Vital Farms, Inc.

New $60M 5-year revolving credit facility replaces prior $20M PNC facility, which terminated concurrently.
JPMorgan Chase acts as administrative agent; $0 drawn as of filing date.
Interest: SOFR + 0.10% plus margin 0.75%-1.25% or base rate plus 1.75%-2.25%, based on net leverage.
Covenants: net leverage ≤3.25x (up to 4.00x after M&A); fixed charge coverage ≥1.35x.
Includes $5M LC sub-limit and accordion option for up to $35M or 100% consolidated adjusted EBITDA.

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

Vital Farms, Inc. incurred revolving credit of $60.0 million with JPMorgan Chase Bank, N.A. at adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnig maturing five years.

Instrument: revolving credit
Principal: $60.0 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: adjusted term Secured Overnight Financing Rate or adjusted daily Secured Overnig
Maturity: five years
Event: incurrence

Exact text from the filing

On April 9, 2024, Vital Farms, Inc. (the “Company”) entered into a credit agreement with the other loan parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which provides for a five-year $60.0 million senior secured revolving credit facility (the “2024 Credit Facility”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vital Farms, Inc. terminated previous $20.0 million revolving credit and term loan facility entered into on October 4, 2017 with PNC Bank, National Association with PNC Bank, National Association valued at $20.0 million (effective 2024-04-09).

Action: termination
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $20.0 million
Effective: 2024-04-09

Exact text from the filing

The 2024 Credit Facility replaced the Company’s previous $20.0 million revolving credit and term loan facility entered into on October 4, 2017 with PNC Bank, National Association, which terminated concurrently with the establishment of the 2024 Credit Facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vital Farms, Inc. entered into 2024 Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent valued at $60.0 million senior secured revolving credit facility (effective 2024-04-09).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $60.0 million senior secured revolving credit facility
Effective: 2024-04-09

Exact text from the filing

On April 9, 2024, Vital Farms, Inc. (the “Company”) entered into a credit agreement with the other loan parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which provides for a five-year $60.0 million senior secured revolving credit facility (the “2024 Credit Facility”).

View on SEC.gov

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Vital Farms, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-096167

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