Papa John’s New Unsecured Notes Allow Considerable Additional Secured Debt; Leverage-Based Restricted Payments and Investment Baskets Accessible at Issuance With 2.5x, 2.75x Headroom

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Papa John’s International has announced the launch of $400 million of senior unsecured notes due 2029 (the “New Notes”), which are expected to price today, Thursday, Sept. 9. Proceeds of the New Notes will be used, together with borrowings under an amended revolving facility, to repay in full the company’s existing term loan and revolving credit facilities. Click through for our Americas Covenants team’s full analysis of the Papa John’s International primary analysis.

Contact: Matt Danese
mdanese@reorg.com