Darden Restaurants, Inc. entered into an Amended and Restated Revolving Credit Agreement on October 22, 2026, with a total commitment of $1.5 billion. The new facility, which matures on October 22, 2031, replaces the company's prior credit agreement. Bank of America, N.A. serves as the administrative agent for the facility.
The new agreement is a senior unsecured credit commitment that includes customary representations, affirmative and negative covenants, and events of default. Key financial covenants include a limitation on liens and subsidiary debt, as well as a maximum consolidated net debt to total capitalization ratio of 3.50 to 1.00.
The proceeds from the facility may be used for working capital, capital expenditures, the refinancing of certain indebtedness, acquisitions, and general corporate purposes. The agreement also includes a sublimit of $150 million for the issuance of letters of credit. Interest rates for borrowings are based on prevailing rates and the company's credit ratings.
On the same day, the company terminated its prior $1.25 billion credit agreement, dated October 23, 2023, and amended September 16, 2024. There were no amounts outstanding under the prior agreement at the time of termination.
