Krispy Kreme Strengthens Balance Sheet with Successful Refinancing
24 March 2023 - 7:30AM
Business Wire
Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme” or the
“Company”) today announced that it has successfully completed the
refinancing of existing Term Loan A and Revolver Facilities. The
new $700 million Term Loan A and $300 million revolver extends
maturities until March 2028 at the same terms to existing
facilities and welcomes several new creditors into our facilities.
There is no change in the Company’s net debt as a result of this
refinancing.
Jeremiah Ashukian, the Company’s Chief Financial Officer,
commented, “We are pleased that this well over-subscribed
refinancing was completed with enthusiasm from both existing and as
well as new financial partners. With a strong balance sheet and
growing free cash flow, we are well positioned for robust capital
efficient omni-channel growth in the coming years.”
With the completion of the refinancing, the Company continues to
expect between $39 and $43 million of Interest Expense, Net and to
continue to de-lever our balance sheet in 2023, as part of our
efforts towards our 2026 net leverage goal of 2.0x to 2.5x.
About Krispy Kreme
Headquartered in Charlotte, N.C., Krispy Kreme is one of the
most beloved and well-known sweet treat brands in the world. Our
iconic Original Glazed® doughnut is universally recognized for its
hot-off-the-line, melt-in-your-mouth experience. Krispy Kreme
operates in over 30 countries through its unique network of fresh
doughnut shops, partnerships with leading retailers, and a rapidly
growing Ecommerce and delivery business with approximately 12,000
fresh points of access. Our purpose of touching and enhancing lives
through the joy that is Krispy Kreme guides how we operate every
day and is reflected in the love we have for our people, our
communities and the planet. Connect with Krispy Kreme Doughnuts at
www.KrispyKreme.com, or on one of its many social media channels,
including www.Facebook.com/KrispyKreme and
www.Twitter.com/KrispyKreme.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. The words “believe,” “may,”
“could,” “will,” “should,” “anticipate,” “estimate,” “expect,”
“outlook,” “goal” or similar words, or the negative of these words,
identify forward-looking statements. Such forward-looking
statements are based on certain assumptions and estimates that we
consider reasonable but are subject to various risks and
uncertainties and assumptions relating to our operations, financial
results, financial conditions, business, prospects, growth strategy
and liquidity. Accordingly, there are, or will be, important
factors that could cause our actual results to differ materially
from those indicated in these statements. The inclusion of this
forward-looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved. Our actual
results could differ materially from the forward-looking statements
included herein. Factors that could cause actual results to differ
from those expressed in forward-looking statements include, without
limitation, the risks and uncertainties described under the
headings “Cautionary Note Regarding Forward-Looking Statements” and
“Risk Factors” in our form 10-K, March 2, 2023, filed by us with
the Securities and Exchange Commission (“SEC”) and described in the
other filings we make from time to time with the SEC. We believe
that these factors include, but are not limited to, the impact of
pandemics, changes in consumer preferences, the impact of
inflation, and our ability to execute on our omni-channel business
strategy. These forward-looking statements are made only as of the
date of this document, and we do not undertake any obligation,
other than as may be required by applicable law, to update or
revise any forward-looking or cautionary statement to reflect
changes in assumptions, the occurrence of events, unanticipated or
otherwise, or changes in future operating results over time or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230323005543/en/
Investor Relations Rob Ballew, VP of Investor Relations
rballew@krispykreme.com
Financial Media Inquiries Edelman Smithfield for Krispy
Kreme, Inc. Allie McLarty & Ashley Firlan,
KrispyKremeIR@edelman.com
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