Noodles & Company Amends Its Amended and Restated Credit Agreement
December 26, 2023 at 04:05 pm EST
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On December 21, 2023, Noodles & Company (the Company") amended its Amended and Restated Credit Agreement, dated as of July 27, 2022 (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 First 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 Amendment: (i) increased applicable rate ranges (A) with respect to SOFR loans, from 1.50% - 2.50% per annum to 1.75% - 3.00% per annum and (B) with respect to base rate loans, from 0.50% -1.50% per annum to 0.75% - 2.00% per annum, in each case as determined by the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the Credit Agreement), (ii) amended the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) in order to limit the deduction of capital expenditures to Non-Growth Capital Expenditures", (iii) added a defined term for Non-Growth Capital Expenditures" (along with certain related definitions), (iv) added a new capital expenditures covenant governing entry into new lease agreements and (v) increased the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the Credit Agreement) to be no greater than (x) 4.50 to 1.00 for the period beginning on the last day of the fiscal quarter ending January 2, 2024 until and including the last day of the fiscal quarter ending December 30, 2025 and (y) 4.25 to 1.00 for the period beginning on the last day of the fiscal quarter ending March 31, 2026 until and including the last day of the fiscal quarter ending September 29, 2026.
Noodles & Company offers lunch and dinner within the fast-casual segment of the restaurant industry. The Companyâs core offerings include noodle and pasta dishes, staples of various different cuisines. Its menu includes a variety of cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. It offers approximately 20 customizable dishes at its restaurants, taken to-go, or delivered to its customers. It operates approximately 470 restaurants in 31 states, which included 380 company locations and 90 franchise locations. Its restaurants are typically between 2,000 and 2,600 square feet and are located in end-cap, in-line or free-standing locations across a variety of suburban, collegiate and urban markets. It is researching a smaller square footage restaurant prototype design. The Company's restaurants are located in Arizona, California, Colorado, Connecticut, Florida, Idaho, Illinois, Indiana, Maryland, Michigan, Minnesota and others.
NOODLES & COMPANY 
