---
schema_version: "secwatch.filing_event.v1"
accession: "0001214659-23-005999"
form_type: "8-K"
ticker: "GTIM"
cik: "0000825324"
company_name: "Good Times Restaurants Inc."
filed_at: "2023-04-26T23:59:59+00:00"
generated_at: "2026-06-16T14:39:05.487241+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Good Times Restaurants enters $8.0M senior revolving credit facility with Cadence Bank until 2028

## Summary
- $8.0M senior revolving loan from Cadence Bank, matures April 20, 2028; replaces prior credit facility.
- Proceeds to fund new restaurant development, buyout of JV partners, share redemptions, and working capital.
- Carries upfront fee of 0.25% and unused commitment fee of 0.25% per annum; interest based on SOFR or Base Rate plus spread.
- Secured by first-priority interest in substantially all assets; includes financial covenants (leverage, fixed charge coverage, minimum liquidity).
- Also amended bylaws to permit remote meetings and adjust notice periods for special meetings and shareholder proposals.

## SEC filing metadata
- accession: 0001214659-23-005999
- form_type: 8-K
- ticker: GTIM
- cik: 0000825324
- company_name: Good Times Restaurants Inc.
- filed_at: 2023-04-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 5.03, 5.08, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/825324/000121465923005999/0001214659-23-005999-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/825324/000121465923005999/d4252318k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001214659-23-005999
- JSON: https://secwatch.observer/filing/0001214659-23-005999.json
- Plain text: https://secwatch.observer/filing/0001214659-23-005999.txt

## Key facts
- Debt Financings
  Good Times Restaurants Inc. incurred revolving credit of $8.0 million with Cadence Bank at differing interest rates based upon varying additions to the Federal Funds Rate, maturing April 20, 2028.
  - Instrument: revolving credit
  - Principal: $8.0 million
  - Counterparty: Cadence Bank
  - Rate: differing interest rates based upon varying additions to the Federal Funds Rate,
  - Maturity: April 20, 2028
  - Event: incurrence
  source text: The Senior Credit Facility provides for an $8.0 million senior revolving loan (the “Revolver”) and amends and restates the Company’s prior credit facility with Cadence in its entirety.
  evidence_url: https://www.sec.gov/Archives/edgar/data/825324/000121465923005999/0001214659-23-005999-index.htm
- Governance Changes
  Good Times Restaurants Inc.: On April 20, 2023, the Board of Directors adopted amended and restated bylaws, effective immediately, which include provisions for remote meetings, modify delivery methods and time requirements for notices and special meetings, and make certain technical, modernizing and clarifying changes (effective 2023-04-20).
  - Change: bylaw amendment
  - Effective: 2023-04-20
  source text: On April 20, 2023, the Board of Directors of Good Times Restaurants Inc. (“ the Board ”) adopted amended and restated bylaws of the Company (the bylaws, as so amended and restated, the (“ Amended and Restated Bylaws ”), effective immediately. The Amended and Restated Bylaws, among other things, amend the Company’s prior bylaws as follows: • Include provisions for remote meetings • Modify the delivery methods, amount of time required for notice and required percent of ownership to call a special meeting of the Board • Modify the delivery method and amount of time required for notice of the annual meeting of shareholders • Modify the delivery method and amount of time required to raise new business or nominate directors for the annual meeting of shareholders • Certain other technical, modernizing and clarifying changes
  evidence_url: https://www.sec.gov/Archives/edgar/data/825324/000121465923005999/0001214659-23-005999-index.htm
- Material Agreements
  Good Times Restaurants Inc. amended Amended and Restated Credit Agreement with Cadence Bank valued at $8.0 million (effective 2023-04-20).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Cadence Bank
  - Value: $8.0 million
  - Effective: 2023-04-20
  source text: On April 20, 2023, Good Times Restaurants Inc. (the “Company”) and each of its wholly-owned subsidiaries, as guarantors (the “Subsidiary Guarantors”), entered into an Amended and Restated Credit Agreement (the “Senior Credit Facility”) with Cadence Bank, as administrative agent and sole lender (“Cadence”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/825324/000121465923005999/0001214659-23-005999-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.