Noodles & Company amends credit agreement to relax leverage covenants, raises interest rate spreads

NOODLES & Co

Leverage covenant max raised to 5.50x through Sep 2025, stepping down to 4.50x by Mar 2027.
SOFR loan spreads increased to 3.75% max; new Pricing Level 6 for leverage >4.50x.
Stock buybacks/dividends require leverage ≤4.00x and fixed charge coverage ≥1.25x.
New lease agreements restricted when leverage ≥4.50x; only 2 leases allowed when <4.50x but >4.00x.
Fixed charge coverage ratio minimum lowered to 1.05x through Sep 2025, then steps up to 1.25x.

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