---
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"
generated_at: "2026-06-20T00:26:49.049748+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Portillo's closes $300M term loan and $100M revolver, refinances prior debt

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001871509-23-000005
- JSON: https://secwatch.observer/filing/0001871509-23-000005.json
- Plain text: https://secwatch.observer/filing/0001871509-23-000005.txt

## Key facts
- Debt Financings
  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.
  - Instrument: revolving credit
  - Principal: initial aggregate principal amount of $100 million
  - Counterparty: Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender
  - Rate: forward-looking secured overnight financing rate plus an applicable rate determi
  - Maturity: five years from the Closing Date
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm
- Debt Financings
  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.
  - Instrument: credit facility
  - Principal: initial aggregate principal amount of $300 million
  - Counterparty: Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender
  - Rate: forward-looking secured overnight financing rate plus an applicable rate determi
  - Maturity: five years from the Closing Date
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender
  - Value: initial aggregate principal amount of $300 million and initial Revolving Credit Commitments in an in
  - Effective: 2023-02-02
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.