Darden Restaurants Upsizes & Extends Revolving Credit Facility to $1.5B Through 2031

Overview

On October 22, 2026, Darden Restaurants, Inc. entered into an Amended and Restated Revolving Credit Agreement among Darden as borrower, Bank of America, N.A. as administrative agent, and a syndicate of lenders. Concurrently, Darden terminated its prior $1.25 billion credit agreement dated October 23, 2023.

Key Terms of the New Credit Agreement

• Commitment Size: $1.50 billion senior unsecured revolving facility, reflecting a $250 million increase over the prior facility.
• Maturity: October 22, 2031.
• Letters of Credit Sublimit: Up to $150 million.
• Use of Proceeds: Working capital, capital expenditures, refinancing of certain existing indebtedness, acquisitions, and general corporate purposes.
• Pricing & Interest Rates: Based on prevailing market benchmark rates plus a margin linked to Darden's senior unsecured credit ratings.
• Financial Covenants: Includes customary affirmative and negative covenants, with a key financial restriction capping the consolidated net debt to total capitalization ratio at 3.50 to 1.00.

Termination of Prior Facility

• Darden terminated its prior $1.25 billion revolving credit agreement (originally dated October 23, 2023, and amended September 16, 2024).
• There were no outstanding borrowings under the prior facility at the time of termination.

Financial & Strategic Implications

This refinancing is a routine corporate treasury action that enhances Darden's liquidity cushion by $250 million and extends its primary bank liquidity profile out to 2031. With zero balances drawn on the retiring facility, the new facility preserves flexibility for ongoing operations, store development, share repurchases, or bolt-on acquisitions without near-term refinancing risk.