secwatch.observer — SEC 8-K summary
======================================

Issuer:     Driven Brands Holdings Inc. (DRVN)
CIK:        0001804745
Form:       8-K
Filed at:   2025-03-05T23:59:59+00:00
Accession:  0001804745-25-000012
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Driven Brands extends $300M revolver to Feb 2030; $155M drawn
-------------------------------------------------------------

- Borrower Driven Holdings amended credit agreement on Feb 27, 2025, extending maturity to Feb 27, 2030 (with springing provision).
- Revolving commitment unchanged at $300M; $155M outstanding as of amendment date.
- Interest rate: Term SOFR plus 2.00%-2.25%; commitment fee of 0.375% on unused.
- Springing covenant triggers if revolving utilization >35%; net first lien leverage ratio initially 2.00:1 (adjustable to 4.75:1).
- Proceeds for general corporate purposes; facility secured by assets of Holdings, Borrower, and certain subsidiaries.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1804745/000180474525000012/0001804745-25-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1804745/000180474525000012/drvn-20250227.htm
  HTML page:      https://secwatch.observer/filing/0001804745-25-000012

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