Papa John's closes $200M term loan, extends $600M revolver to 2030 in credit agreement amendment

PAPA JOHNS INTERNATIONAL INC

New $200M senior secured term loan drawn at closing; proceeds used to repay existing revolver borrowings.
$600M revolving credit facility extended to March 26, 2030; approximately $158.9M drawn as of March 26, 2025.
Transaction is leverage neutral; financial covenants include max leverage 5.25x and $150M liquidity requirement prior to 2029 note maturity.
Interest rates: SOFR + 1.25%-2.00% or base rate plus 0.25%-1.00%; accordion feature allows up to $500M additional commitments.

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