Papa Johns closes $200 million term loan and extends $600 million revolver to 2030
Papa Johns entered a second amended and restated credit agreement dated March 26, 2025, providing a $200.0 million senior secured term loan and a $600.0 million revolving facility, both maturing March 26, 2030. The company said the term loan proceeds will repay revolver borrowings, which were about $158.9 million drawn as of March 26, 2025, and that the transaction is leverage neutral. The filing shows the refinancing extends the debt maturity profile and adds borrowing capacity, while the new credit agreement keeps a maximum leverage ratio of 5.25 to 1.00 and adds a liquidity requirement tied to the 2029 senior notes.
Key points
- $200.0 million senior secured term loan and $600.0 million revolving facility, both maturing March 26, 2030
- About $158.9 million of the revolver was drawn as of March 26, 2025; term loan proceeds will repay revolver borrowings
- Maximum leverage ratio of 5.25 to 1.00 and minimum liquidity of $150.0 million during the period tied to the senior notes due 2029
- Term loan amortizes in quarterly installments beginning June 30, 2026
The filing
Written by AI on Nov 8, 2026, 2:07 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 March 27, 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.