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AI brief of an SEC Form 8-K · Chipotle Mexican Grill (CMG)

Chipotle Replaces $500 Million Revolver With New Five-Year Credit Agreement

Neutral Impact 2 of 5 financing Written later

Chipotle entered into a new $500 million senior unsecured revolving credit agreement on June 24, 2025, maturing June 24, 2030, and terminated its prior $500 million facility that was due to expire April 13, 2026. The company had no borrowings outstanding under the prior facility and paid no early termination penalties. The filing is a refinancing of an existing credit line of the same size and does not disclose any drawn amount under the new facility.

Key points

  • New $500 million revolving credit facility with a letter of credit sub-facility of up to $20 million, maturing June 24, 2030
  • Prior $500 million facility, due April 13, 2026, terminated with no borrowings outstanding and no early termination penalties
  • Borrowing spread of 1.125% to 1.875% over Term SOFR, or 0.125% to 0.875% over the Alternate Base Rate, based on total leverage ratio
  • Financial covenants include a maximum total leverage ratio of 3.00x and a minimum fixed charge coverage ratio of 1.50x

The filing

CompanyChipotle Mexican Grill (CMG)
Form8-K, current report
Filed with the SECJun 26, 2025, 6:10 PM ET
Accession number0001058090-25-000047

Items reported: 1.01 Material Definitive Agreement1.02 Termination of Material Agreement2.03 New Direct Financial Obligation

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing 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 26, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.