---
schema_version: "secwatch.filing_event.v1"
accession: "0001275158-24-000093"
form_type: "8-K"
ticker: "NDLS"
cik: "0001275158"
company_name: "NOODLES & Co"
filed_at: "2024-10-30T23:59:59+00:00"
generated_at: "2026-05-30T08:04:37.849131+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001275158-24-000093
- form_type: 8-K
- ticker: NDLS
- cik: 0001275158
- company_name: NOODLES & Co
- filed_at: 2024-10-30T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1275158/000127515824000093/0001275158-24-000093-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1275158/000127515824000093/ndls-20241029.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001275158-24-000093
- JSON: https://secwatch.observer/filing/0001275158-24-000093.json
- Plain text: https://secwatch.observer/filing/0001275158-24-000093.txt

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