secwatch.observer — SEC 8-K summary
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Issuer:     NOODLES & Co (NDLS)
CIK:        0001275158
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0001275158-24-000093
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1275158/000127515824000093/0001275158-24-000093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1275158/000127515824000093/ndls-20241029.htm
  HTML page:      https://secwatch.observer/filing/0001275158-24-000093

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer