Press release
Krispy Kreme Strengthens Balance Sheet with Successful Refinancing
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme” or the “Company”) today announced that it has successfully completed the
About this update from Krispy Kreme, Inc.
[{"type":"text","content":" CHARLOTTE, N.C.--(BUSINESS WIRE)--\nKrispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme” or the “Company”) today announced that it has successfully completed the refinancing of existing Term Loan A and Revolver Facilities. The new $700 million Term Loan A and $300 million revolver extends maturities until March 2028 at the same terms to existing facilities and welcomes several new creditors into our facilities. There is no change in the Company’s net debt as a result of this refinancing.\n\nJeremiah Ashukian, the Company’s Chief Financial Officer, commented, “We are pleased that this well over-subscribed refinancing was completed with enthusiasm from both existing and as well as new financial partners. With a strong balance sheet and growing free cash flow, we are well positioned for robust capital efficient omni-channel growth in the coming years.”\n\nWith the completion of the refinancing, the Company continues to expect between $39 and $43 million of Interest Expense, Net and to continue to de-lever our balance sheet in 2023, as part of our efforts towards our 2026 net leverage goal of 2.0x to 2.5x.\n\nAbout Krispy Kreme\n\nHeadquartered in Charlotte, N.C., Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. Our iconic Original Glazed® doughnut is universally recognized for its hot-off-the-line, melt-in-your-mouth experience. Krispy Kreme operates in over 30 countries through its unique network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing Ecommerce and delivery business with approximately 12,000 fresh points of access. Our purpose of touching and enhancing lives through the joy that is Krispy Kreme guides how we operate every day and is reflected in the love we have for our people, our communities and the planet. Connect with Krispy Kreme Doughnuts at www.KrispyKreme.com, or on one of its many social media channels, including www.Facebook.com/KrispyKreme and www.Twitter.com/KrispyKreme.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements that involve risks and uncertainties. The words “believe,” “may,” “could,” “will,” “should,” “anticipate,” “estimate,” “expect,” “outlook,” “goal” or similar words, or the negative of these words, identify forward-looking statements. Such forward-looking state...