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AI brief of an SEC Form 8-K · Cracker Barrel (CBRL)

Cracker Barrel closes $345 million convertible notes offering due 2030

Neutral Impact 3 of 5 financing Written later

Cracker Barrel closed on June 13, 2025, its sale of $345 million of 1.75% convertible senior notes due 2030, including the full exercise of the initial purchasers' $45 million option. The company used about $145.9 million of the net proceeds to repurchase $150.0 million of its 0.625% convertible notes due 2026, and about $16.5 million to enter capped call transactions meant to reduce potential dilution from conversions. For shareholders, the filing shows added long-term debt and a conversion price about 32.5% above the June 10, 2025 closing reference price.

Key points

  • Notes: $345 million principal, 1.75% interest, maturing September 15, 2030; net proceeds about $333.9 million
  • Initial conversion price about $72.23 per share, a 32.5% premium over the $54.51 reference price on June 10, 2025
  • Capped calls: initial cap price about $87.22; cost about $16.5 million; expire September 15, 2030
  • Net proceeds also used to repurchase $150.0 million of 2026 notes for about $145.9 million

The filing

CompanyCracker Barrel (CBRL)
Form8-K, current report
Filed with the SECJun 16, 2025, 4:15 PM ET
Accession number0001104659-25-059873

Items reported: 1.01 Material Definitive Agreement1.02 Termination of Material Agreement2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:58 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 June 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.