Papa Johns International, Inc., headquartered in Louisville, Kentucky, has concluded an amendment to its credit facilities aimed at strengthening its financial foundation. The revised credit agreement extends the maturity of a $600 million revolving credit facility to 2030 and introduces a new $200 million senior secured term loan, also maturing in 2030.
Todd Penegor, President and CEO of Papa Johns, expressed satisfaction with the agreement, stating, "We’re pleased to have reached an agreement that provides us with additional financial strength and flexibility to execute on the important strategic priorities we outlined last year."
Ravi Thanawala, Chief Financial Officer and EVP, International, emphasized the importance of the support from banking partners: "We appreciate the support that we’ve received from our banking partners, which reflects their confidence in our strong credit profile and balance sheet."
The new term loan proceeds will help pay down existing borrowings under the revolving credit facility, maintaining leverage neutrality while increasing borrowing capacity. This financial maneuver is part of Papa Johns' larger strategy to enhance sales, improve the restaurant economic model, and ensure profitable growth.
Additional information about the amended credit agreement can be found in the company’s Current Report on Form 8-K with the Securities and Exchange Commission.
Papa Johns, which began in 1984, is a prominent pizza delivery chain renowned for its commitment to quality ingredients and its extensive global presence, operating over 6,000 restaurants in 51 countries and territories.
For media inquiries, contact Senior Director of External Communications Janelle Panebianco at Papa Johns International.