Dutch Bros Inc. has announced the amendment and restatement of its existing $650 million senior secured credit facility with JPMorgan Chase Bank, N.A., effective May 29, 2025. The updated agreement, known as the 2025 Credit Facility, replaces the 2022 Credit Facility and maintains the same credit availability of $650 million. This includes a $500 million revolving credit facility and a $150 million term loan facility. Additionally, the agreement provides sublimits for letters of credit and swingline loans up to $100 million and $20 million, respectively. The new credit facility introduces financial covenants requiring Dutch Bros to adhere to specific leverage and coverage ratios and includes restrictions on incurring additional debt and other financial activities. The facility is secured by a first priority perfected security interest in substantially all the assets of the guarantors and is set to mature on May 29, 2030. The agreement also offers an option to increase the facility size by up to an additional $230 million or 80% of EBITDAR, subject to lender approval.
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