secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001871509-23-000005
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/0001871509-23-000005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150923000005/ptlo-20230202.htm
  HTML page:      https://secwatch.observer/filing/0001871509-23-000005

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