{"schema_version":"secwatch.filing_event.v1","accession":"0001871509-23-000005","form_type":"8-K","ticker":"PTLO","cik":"0001871509","company_name":"Portillo's Inc.","filed_at":"2023-02-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.291988+00:00","generated_at":"2026-06-20T00:26:49.049748+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"confidence":"high","headline":"Portillo's closes $300M term loan and $100M revolver, refinances prior debt","bullets":["New $300M Term A Loan and $100M Revolving Credit Facility entered on Feb 2, 2023.","Proceeds used to repay all outstanding debt under 2014 credit agreement and pay transaction expenses.","Term loan amortizes quarterly: 0.625% of principal per year for first 2 years, then increases.","Interest rate based on consolidated total net rent adjusted leverage ratio; initial Applicable Rate 2.75% for Term SOFR loans.","Maturity of 5 years from closing; financial covenants include cash interest coverage and leverage ratio."],"urls":{"canonical":"https://secwatch.observer/filing/0001871509-23-000005","json":"https://secwatch.observer/filing/0001871509-23-000005.json","markdown":"https://secwatch.observer/filing/0001871509-23-000005.md","text":"https://secwatch.observer/filing/0001871509-23-000005.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/ptlo-20230202.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T00:26:49.049748+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"4c0ca84cf9fb85cdd6d78ba226ab13e9ec98ee28","claim":"Portillo's Inc. incurred revolving credit of initial aggregate principal amount of $100 million with Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender at forward-looking secured overnight financing rate plus an applicable rate determi maturing five years from the Closing Date.","evidence_excerpt":"The New Credit Agreement provides for a Term A Loan (“Term Loan”) in an initial aggregate principal amount of $300 million and initial Revolving Credit Commitments in an initial aggregate principal amount of $100 million (the “Revolver Facility”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"initial aggregate principal amount of $100 million"},{"label":"Counterparty","value":"Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender"},{"label":"Rate","value":"forward-looking secured overnight financing rate plus an applicable rate determi"},{"label":"Maturity","value":"five years from the Closing Date"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"d77c4b5a376b77d46e231da73bdd899293629bea","claim":"Portillo's Inc. incurred credit facility of initial aggregate principal amount of $300 million with Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender at forward-looking secured overnight financing rate plus an applicable rate determi maturing five years from the Closing Date.","evidence_excerpt":"The New Credit Agreement provides for a Term A Loan (“Term Loan”) in an initial aggregate principal amount of $300 million and initial Revolving Credit Commitments in an initial aggregate principal amount of $100 million (the “Revolver Facility”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"initial aggregate principal amount of $300 million"},{"label":"Counterparty","value":"Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender"},{"label":"Rate","value":"forward-looking secured overnight financing rate plus an applicable rate determi"},{"label":"Maturity","value":"five years from the Closing Date"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"487e87a448adca65a1d137983cf221d92056b4b0","claim":"Portillo's Inc. entered into Credit Agreement with Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender valued at initial aggregate principal amount of $300 million and initial Revolving Credit Commitments in an in (effective 2023-02-02).","evidence_excerpt":"On February 2, 2023 (the “Closing Date”), PHD Intermediate LLC, a Delaware limited liability company (“Holdings”), Portillo’s Holdings, LLC, a Delaware limited liability company (the “Borrower”), the other Guarantors party thereto from time to time, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”) and Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender entered into a Credit Agreement (“New Credit Agreement”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender"},{"label":"Value","value":"initial aggregate principal amount of $300 million and initial Revolving Credit Commitments in an in"},{"label":"Effective","value":"2023-02-02"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}