Cracker Barrel signs $550 million revolver and $250 million term loan, amends bylaws
On May 16, 2025, Cracker Barrel entered a new credit agreement with Bank of America as administrative agent that cuts its revolving facility to $550.0 million from $700.0 million and adds a $250.0 million delayed draw term loan. While the term loan is outstanding, cash dividends and share repurchases are capped at $100.0 million in any consecutive twelve-month period, and the board adopted amended bylaws the same day that add majority voting in uncontested director elections, proxy access, and a shareholder cost reimbursement provision.
Key points
- New revolving facility capped at $550.0 million, replacing the $700.0 million facility under the 2022 Credit Agreement, which was terminated May 16, 2025
- $250.0 million delayed draw term loan available until June 15, 2026; principal under the new facility is due May 16, 2030, or earlier if the 0.625% convertible notes due 2026 remain outstanding on March 16, 2026
- Dividends and buybacks capped at $100.0 million in any consecutive twelve months while delayed draw loans are outstanding
- Bylaws add proxy access for holders of at least 3% for three years and a reimbursement provision of up to $5 million in certain repeat nomination cases
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 16, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.