Darden Restaurants signs $1.5 billion revolving credit agreement

Darden Restaurants, Inc. (DRI) entered into a $1.5 billion Amended and Restated Revolving Credit Agreement with Bank of America, N.A., as administrative agent, and other lenders on October 22, 2026. The new facility replaces the company's previous credit arrangement and extends the maturity date to October 22, 2031.

The agreement is a senior unsecured credit commitment that allows Darden to use proceeds for working capital, capital expenditures, refinancing certain indebtedness, acquisitions, and general corporate purposes. The filing notes that the agreement includes a $150 million sublimit specifically for the issuance of letters of credit.

Interest rates on borrowings under the new credit agreement will be based on prevailing interest rates and, in part, upon Darden's credit ratings. The terms specify that pricing for interest and fees may be modified if there is a change in the rating of the company's long-term senior unsecured debt. The agreement also contains customary representations and covenants, including limitations on liens and subsidiary debt, as well as a maximum consolidated net debt to total capitalization ratio of 3.50 to 1.00.

Upon the effectiveness of the new agreement, Darden terminated its prior $1.25 billion credit agreement, which was originally dated October 23, 2023, and amended on September 16, 2024. The company reported that there were no amounts outstanding under the prior agreement on October 22, 2026.

The filing indicates that certain lenders and their affiliates have provided and may continue to provide a range of financial services to Darden. These services encompass investment banking, commercial banking, and various administrative functions such as custody and depository support, for which the company has paid and intends to pay customary fees.

The full text of the Amended and Restated Revolving Credit Agreement is attached to the current report as Exhibit 10.1. Lindsay L. Koren, Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary for Darden Restaurants, Inc., signed the report on October 23, 2026.