Dutch Bros. obtains $500M restated credit facility

Dutch Bros Inc. disclosed that on Feb. 28 the company entered into an amended and restated five-year credit facility that includes a $100 million term loan, a $150 million delayed-draw term loan, and a $250 million revolver.

J.P. Morgan is administrative agent.

Pricing on the facility is benchmarked to the secured overnight financing rate. The facility is covered by a maximum net lease-adjusted total leverage ratio and a fixed charge coverage ratio.

On Feb. 28 the company drew $100 million in term loans and roughly $30 million in revolving loans.

The company's previous facility, which was scheduled to mature in May 2026, included a $150 million revolver and a $200 million term loan facility.

Dutch Bros. operates and franchises drive-thru shops.