Loan & DebtJun 10, 2026, 05:06 PM
J&J Snack Foods Extends Credit Facility to 2031, Boosts Capacity
AI Summary
J&J Snack Foods Corp. amended its credit agreement, extending the revolving credit facility's maturity date to June 5, 2031, and providing an option to increase its size by up to $200 million or Consolidated EBITDA. The amendment also revised the pricing grid, increased the maximum permitted Consolidated Net Leverage Ratio to 3.50:1.00 (with a temporary increase to 4.00:1.00 for significant acquisitions), and raised the cross-default threshold to $30 million. Additionally, Michael A. Pollner, SVP, General Counsel & Secretary, resigned effective June 30, 2026.
Key Highlights
- Credit facility maturity extended to June 5, 2031.
- Option to increase credit facility by up to $200,000,000 or Consolidated EBITDA.
- Maximum Consolidated Net Leverage Ratio covenant increased to 3.50:1.00.
- Temporary leverage ratio cap increased to 4.00:1.00 for acquisitions over $50,000,000.
- Cross-default threshold for debt instruments and judgments increased to $30,000,000.
- New top-tier pricing level added for Consolidated Net Leverage Ratio exceeding 3.00:1.00.
- SVP, General Counsel & Secretary Michael A. Pollner resigned, effective June 30, 2026.
Price Impact
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