Chipotle Mexican Grill Inc. has entered into a new senior, unsecured Revolving Credit Agreement with various lenders and JPMorgan Chase Bank, N.A., serving as the administrative agent. The agreement, signed on June 24, 2025, establishes a $500 million revolving credit facility, including a $20 million letter of credit sub-facility, set to mature on June 24, 2030. This facility is guaranteed by certain domestic subsidiaries of Chipotle. The New Credit Agreement includes financial covenants requiring Chipotle to maintain specific leverage and coverage ratios. It also imposes limitations on creating liens, incurring subsidiary-level debt, making certain payments, and merging with other companies. The new facility replaces a prior agreement that was due to expire in 2026, with no outstanding borrowings or early termination penalties incurred at the time of its termination.
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