Noodles & Co Enters New Credit Agreement
Ticker: NDLS · Form: 8-K · Filed: Oct 30, 2024 · CIK: 1275158
Sentiment: neutral
Topics: debt, financing, credit-agreement
Related Tickers: NDLS
TL;DR
Noodles & Co just signed a new credit deal, locking in financing.
AI Summary
On October 29, 2024, Noodles & Company entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation for the registrant. The filing details the terms of this agreement, which is a significant financial event for the company.
Why It Matters
This filing indicates Noodles & Company has secured new financing, which could impact its operational flexibility and future growth strategies.
Risk Assessment
Risk Level: medium — Entering into new debt agreements can introduce financial risk and obligations that may affect the company's financial health.
Key Players & Entities
- NOODLES & COMPANY (company) — Registrant
- October 29, 2024 (date) — Date of earliest event reported
- 720-214-1900 (phone_number) — Registrant's Telephone Number
- 520 Zang Street, Suite D (address) — Principal executive offices
- Broomfield, CO 80021 (address) — Principal executive offices
FAQ
What type of material definitive agreement did Noodles & Company enter into?
Noodles & Company entered into a credit agreement, as indicated by the 'Entry into a Material Definitive Agreement' item information.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is October 29, 2024.
What is the Commission File Number for Noodles & Company?
The Commission File Number for Noodles & Company is 001-35987.
What is the principal executive office address for Noodles & Company?
The principal executive office address is 520 Zang Street, Suite D, Broomfield, CO 80021.
Does this filing involve a direct financial obligation for the registrant?
Yes, the filing indicates the 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant'.
Filing Stats: 1,057 words · 4 min read · ~4 pages · Grade level 9 · Accepted 2024-10-30 16:34:27
Filing Documents
- ndls-20241029.htm (8-K) — 36KB
- secondamendmenttoamendedan.htm (EX-10.1) — 102KB
- 0001275158-24-000093.txt ( ) — 272KB
- ndls-20241029.xsd (EX-101.SCH) — 2KB
- ndls-20241029_lab.xml (EX-101.LAB) — 21KB
- ndls-20241029_pre.xml (EX-101.PRE) — 12KB
- ndls-20241029_htm.xml (XML) — 3KB
01. Entry Into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement. On October 29, 2024, Noodles & Company (the "Company") amended its Amended and Restated Credit Agreement, dated as of July 27, 2022 (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of December 21, 2023 and as further amended, restated, extended, supplemented, modified and otherwise in effect from time to time, the "Credit Agreement"), by and among the Company, as Borrower (as defined in the Credit Agreement), each other Loan Party (as defined in the Credit Agreement) party thereto, each lender from time to time party thereto, and U.S. Bank National Association, as Administrative Agent, L/C Issuer and Swing Line Lender (each as defined in the Credit Agreement), by entering into that certain Second Amendment to Amended and Restated Credit Agreement (the "Amendment"), by and among the Company, the other Loan Parties signatory thereto, the lenders signatory thereto and U.S. Bank National Association, as the Administrative Agent, L/C Issuer and Swing Line Lender. Among the modifications, the Second Amendment: (i) increased the maximum applicable rate ranges (A) with respect to SOFR loans, from 1.75% - 3.00% to 1.75% - 3.75% per annum and (B) with respect to base rate loans, from 0.75% - 2.00% to 0.75% - 2.75% per annum, in each case as determined by the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement), (ii) conditioned the use of the general restricted payment basket on satisfaction of a Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement) of less than or equal to 4.00 to 1.00 and a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of greater than or equal to 1.25 to 1.00, (iii) restricted entry into new lease agreements so long as the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement) in Section 7.11(a) of the Credit Agreement is
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Second Amendment to Amended and Restated Credit Agreement, dated as of October 29, 2024 , by and among Noodles & Company, each of the Guarantors signatory thereto, U.S. Bank National Association, as Administrative Agent, L/C Issuer and Swing Line Issuer and the lenders signatory thereto 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Noodles & Company By: /s/ MIKE HYNES Name: Mike Hynes Title: Chief Financial Officer DATE D: October 30, 2024