secwatch.observer — SEC 8-K summary
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Issuer:     NOODLES & Co (NDLS)
CIK:        0001275158
Form:       8-K
Filed at:   2023-12-26T23:59:59+00:00
Accession:  0001275158-23-000100
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Noodles & Company amends credit agreement; rates increase, leverage covenant eased through 2025
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- SOFR loan interest margin raised to 1.75%-3.00% from 1.50%-2.50% based on leverage ratio.
- Maximum consolidated total lease adjusted leverage ratio raised to 4.50x through Dec 30, 2025, then steps down.
- Fixed charge coverage ratio amended to exclude growth capital expenditures (new restaurants, digital menu boards).
- New restriction: only two new leases allowed if pro forma leverage not at least 25bps below covenant level.
- $5M open-market share repurchase completed in fiscal Q3 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1275158/000127515823000100/0001275158-23-000100-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1275158/000127515823000100/ndls-20231221.htm
  HTML page:      https://secwatch.observer/filing/0001275158-23-000100

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