AI English summary of an SEC filing — figures as filed
Chipotle Mexican Grill CMGThe company entered into a new senior, unsecured Revolving Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on June 24, 2025. It provides a $500 million revolving credit facility, including a letter of credit sub-facility of up to $20 million.
Key points
AI summaryThe company entered into a new senior, unsecured Revolving Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on June 24, 2025. It provides a $500 million revolving credit facility, including a letter of credit sub-facility of up to $20 million.
The company said the new facility matures on June 24, 2030. Borrowings will bear interest at Term SOFR plus a spread of 1.125% to 1.875%, or at the Alternate Base Rate plus a spread of 0.125% to 0.875%, depending on the total leverage ratio. Undrawn amounts carry a commitment fee of 0.115% to 0.250% per year.
The company said it must maintain a maximum total leverage ratio of 3.00x or less and a minimum consolidated fixed charge coverage ratio of 1.50x or more, tested as of the last day of each fiscal quarter on a trailing 4-quarter basis. The agreement also restricts liens on property, subsidiary-level debt, restricted payments, including dividends, and mergers.
The company terminated its existing Revolving Credit Agreement, which was due to expire on April 13, 2026 and provided a $500 million facility, on June 24, 2025, in connection with entering into the new agreement on April 13, 2021. The company said it had no borrowings outstanding and incurred no early termination penalties at the time of termination.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
New $500 million Revolving Credit Facility Signed
The company entered into a new senior, unsecured Revolving Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on June 24, 2025. It provides a $500 million revolving credit facility, including a letter of credit sub-facility of up to $20 million.
Source · Based on the filing body and exhibits
June 24, 2030 Maturity, Interest Rates and Commitment Fees
The company said the new facility matures on June 24, 2030. Borrowings will bear interest at Term SOFR plus a spread of 1.125% to 1.875%, or at the Alternate Base Rate plus a spread of 0.125% to 0.875%, depending on the total leverage ratio. Undrawn amounts carry a commitment fee of 0.115% to 0.250% per year.
Source · Based on the filing body and exhibits
Financial Covenants and Restrictions
The company said it must maintain a maximum total leverage ratio of 3.00x or less and a minimum consolidated fixed charge coverage ratio of 1.50x or more, tested as of the last day of each fiscal quarter on a trailing 4-quarter basis. The agreement also restricts liens on property, subsidiary-level debt, restricted payments, including dividends, and mergers.
Source · Based on the filing body and exhibits
Existing Credit Agreement Terminated
The company terminated its existing Revolving Credit Agreement, which was due to expire on April 13, 2026 and provided a $500 million facility, on June 24, 2025, in connection with entering into the new agreement on April 13, 2021. The company said it had no borrowings outstanding and incurred no early termination penalties at the time of termination.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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