Darden Restaurants Enters Material Agreement, Financial Obligation

TL;DR

Darden Restaurants just signed a big deal and took on a new financial obligation.

AI Summary

On September 16, 2024, Darden Restaurants, Inc. entered into a material definitive agreement, likely related to financing or a significant operational contract. This filing also indicates the creation of a direct financial obligation or an off-balance sheet arrangement for the registrant. The company, headquartered in Orlando, Florida, is a major player in the eating places sector.

Why It Matters

This filing signals a significant financial or contractual development for Darden Restaurants, which could impact its future operations and financial standing.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and new financial obligations can introduce new risks or alter existing ones for a company.

Key Players & Entities

• DARDEN RESTAURANTS INC (company) — Registrant
• 0000940944-24-000040 (filing_id) — Accession Number
• September 16, 2024 (date) — Date of earliest event reported
• 1000 Darden Center Drive, Orlando, Florida 32837 (address) — Principal executive offices
• 59-3305930 (tax_id) — IRS Employer Identification No.
• GENERAL MILLS RESTAURANTS INC (company) — Former company name

FAQ

Key Financial Figures

• $1,250,000,000 — "Amendment") to the Company's existing $1,250,000,000 Revolving Credit Agreement, dated as of
• $600 million — Company entered into a senior unsecured $600 million 2-year Term Loan Credit Agreement (the

Filing Documents

• dri-20240916.htm (8-K) — 34KB
• ex101darden-amendmentno1to.htm (EX-10.1) — 1120KB
• ex102darden-termloanagreem.htm (EX-10.2) — 963KB
• 0000940944-24-000040.txt ( ) — 2564KB
• dri-20240916.xsd (EX-101.SCH) — 2KB
• dri-20240916_lab.xml (EX-101.LAB) — 21KB
• dri-20240916_pre.xml (EX-101.PRE) — 12KB
• dri-20240916_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. (a) Effective September 16, 2024, Darden Restaurants, Inc. ("Darden" or the "Company") entered into Amendment No. 1 (the "Amendment") to the Company's existing $1,250,000,000 Revolving Credit Agreement, dated as of October 23, 2023 (the "Credit Agreement"), with Bank of America, N.A., as administrative agent (the "Agent"), the lenders (the "Credit Agreement Lenders") and other agents party thereto. Pursuant to the terms of the Amendment, the Company, the Agent and the Credit Agreement Lenders, have agreed to replace the prior financial covenant (which provided for a maximum consolidated total debt to total capitalization ratio) with a new financial covenant requiring the Company to maintain, measured as of the end of each fiscal quarter, a maximum consolidated leverage ratio of 3.50 to 1.00 (which may be temporarily increased to 4.00 to 1.00 upon the election of the Company as a result of a covered acquisition, subject to customary limitations set forth in the Credit Agreement). All other material terms and conditions of the Credit Agreement were unchanged. Certain of the Credit Agreement Lenders and their affiliates have provided, from time to time, and may continue to provide, investment banking, commercial banking, financial and other services to the Company, including the Term Loan Agreement (defined below), letters of credit, derivative transactions, transfer agent services, trustee and custodial services, depository services and account processing services, for which the Company has paid and intends to pay customary fees. The preceding description of the Amendment and the Credit Agreement is qualified in its entirety by reference to the full text of the Amendment, which is incorporated into this Item 1.01 by reference to Exhibit 10.1 to this Current Report on Form 8-K. The Credit Agreement was previously filed as Exhibit 10.1 to Darden's Current Report on Form 8-K (File No. 1-13666), filed on Octobe

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 10.1 Amendment No. 1 to Revolving Credit Agreement among Darden Restaurants, Inc., certain lenders party thereto and Bank of America, N.A., as administrative agent, dated September 16, 2024. 10.2 Term Loan Agreement among Darden Restaurants, Inc., certain lenders party thereto and Bank of America, N.A., as administrative agent, dated September 16, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3

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 hereunto duly authorized. DARDEN RESTAURANTS, INC. By: /s/ Scott C. Brophy Scott C. Brophy Vice President, Treasurer Date: September 18, 2024 4