DARDEN RESTAURANTS INC (DRI) Form 8-K — Oct 23, 2026
Darden Restaurants entered into a $1.5 billion amended and restated revolving credit agreement on October 22, 2026, with Bank of America as administrative agent, maturing October 22, 2031. The new facility replaces Darden's prior $1.25 billion credit agreement from October 2023, which was terminated with no amounts outstanding. It includes a $150 million letter of credit sublimit and an option to increase commitments by up to $500 million. Borrowings are priced off Term SOFR plus a ratings-based spread of 0.795% to 1.300%, and proceeds may fund working capital, capex, refinancing, and permitted acquisitions.
Key figures
- Debt Amount
- $1,500,000,000 (revolving credit commitment)
- Maturity Date
- 2031-10-22
- Accordion option
- $500,000,000
- Prior facility size
- $1,250,000,000
- Term sofr rate range
- 0.795%-1.300% depending on debt rating
- Letter of credit sublimit
- $150,000,000
- Max consolidated net leverage ratio
- 3.50:1.00 (4.00:1.00 following Covered Acquisitions)
AI analysis
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