Sweetgreen, Inc. (SG): debt financing — Sweetgreen upsizes credit facility to $45M, extends maturity to Dec 2024

Sweetgreen, Inc.

Revolving credit facility increased from $35M to $45M via Amendment No. 3 with EagleBank.
Maturity extended from Dec 14, 2022 to Dec 13, 2024 (or 90 days prior to any permitted convertible debt maturity).
Interest rate set at one-month Term SOFR + 2.90%, with a 3.75% floor.
No outstanding balance on the facility; only a $950K irrevocable standby letter of credit remains.
Covenant requires liquidity (cash plus available revolver) at least equal to trailing 90-day cash burn.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sweetgreen, Inc. amended revolving credit of $45.0 million with EagleBank at one-month term SOFR, plus 2.90% maturing December 13, 2024.

Instrument: revolving credit
Principal: $45.0 million
Counterparty: EagleBank
Rate: one-month term SOFR, plus 2.90%
Maturity: December 13, 2024
Event: amendment

Exact text from the filing

The Third Amendment upsizes the existing revolving credit facility from $35.0 million to $45.0 million, and extends the maturity date of such revolving credit facility from December 14, 2022 to December 13, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sweetgreen, Inc. amended Amendment No. 3 to First Amended and Restated Revolving Credit, Delayed Draw Term Loan and Security Agreement with EagleBank valued at $45.0 million (effective 2022-12-13).

Action: amendment
Agreement: credit facility
Counterparty: EagleBank
Value: $45.0 million
Effective: 2022-12-13

Exact text from the filing

On December 13, 2022, Sweetgreen, Inc. (the “ Company ”) and certain of its material subsidiaries entered into an Amendment No. 3 to First Amended and Restated Revolving Credit, Delayed Draw Term Loan and Security Agreement (the “ Third Amendment ”), which amends the Company’s existing 2020 Credit Facility with EagleBank (as amended, the “ Amended 2020 Credit Facility ”).

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Sweetgreen, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-032046

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