Portillo's Inc. Files 8-K on New Agreement and Obligation

TL;DR

Portillo's just signed a new deal and took on debt. Details TBD.

AI Summary

On January 27, 2025, Portillo's Inc. filed an 8-K report detailing a material definitive agreement and a direct financial obligation. The filing indicates the company entered into a new agreement and incurred a financial obligation, though specific details of the agreement and obligation are not provided in this summary.

Why It Matters

This filing signals a significant new financial commitment or partnership for Portillo's Inc., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risks or opportunities that are not yet fully disclosed.

Key Players & Entities

• Portillo's Inc. (company) — Registrant
• January 27, 2025 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value per share PTLO Nasdaq Global
• $250 million — provides for, among other things, (i) a $250 million term loan A facility (the "Term Loan Fa
• $150 million — n initial aggregate principal amount of $150 million (the "Revolving Credit Facility" and, t

Filing Documents

• ptlo-20250127.htm (8-K) — 30KB
• exhibit101-portillosfirsta.htm (EX-10.1) — 1561KB
• ptlo-20250127_g1.jpg (GRAPHIC) — 9KB
• 0001871509-25-000009.txt ( ) — 2016KB
• ptlo-20250127.xsd (EX-101.SCH) — 2KB
• ptlo-20250127_lab.xml (EX-101.LAB) — 22KB
• ptlo-20250127_pre.xml (EX-101.PRE) — 13KB
• ptlo-20250127_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement Credit Agreement Amendment On January 27, 2025 (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, each lender from time to time party thereto (collectively, the "Lenders" and individually, a "Lender"), Fifth Third Bank, National Association, as Administrative Agent, the L/C Issuer and the Swing Line Lender entered into an amendment (the "Amendment") to the credit agreement dated as of February 2, 2023 (the "Existing Credit Agreement" and as amended by the Amendment and as may be amended, restated, supplemented or otherwise modified from time to time thereafter, the "Credit Agreement"). Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Amendment or the Credit Agreement, as applicable. The Amendment provides for, among other things, (i) a $250 million term loan A facility (the "Term Loan Facility") and (ii) revolving credit commitments in an initial aggregate principal amount of $150 million (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Facilities"), the proceeds of which will be used to refinance indebtedness under the Existing Credit Agreement, for general corporate purposes and working capital needs and for other activities permitted under the Credit Agreement. The loans under each of the Facilities mature on January 27, 2030. The Facilities are guaranteed, subject to customary exceptions, by all of the Borrower's wholly-owned domestic restricted subsidiaries and Holdings, and are secured by associated collateral agreements that pledge a lien on substantially all of the Borrower's assets, including fixed assets and intangibles, and the assets of the Guarantors, in each case, subject to customary exceptions. The Borrower may, upon notice to the Administrative Agent by th

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10 .1 Amendment, dated as of January 27, 2025, by and among PHD Intermediate LLC, Portillo's Holdings, LLC, the Subsidiaries of the Borrower Party, Fifth Third Bank, National Association as Administrative Agent, L/C Issuer and Swing Line Lender and the other lenders party thereto (which includes the Credit Agreement as Annex A). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES 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, thereto duly authorized. Portillo's Inc. (Registrant) Date: January 27, 2025 By: /s/ Michelle Hook Michelle Hook Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR