Reorg Credit Intelligence – 9/6/2021

Payoff of Brinker International’s 2023 Unsecured Notes
Will Trigger Springing Liens on Additional Collateral Under New Revolver,
Create Additional Secured Debt Capacity Under 2024 Notes


In August 2021, Brink International replaced its $1 billion revolver (the “Old Revolver”), which would have matured Dec. 12, 2022, with a new $800 million revolver maturing Aug. 18, 2026 (the “New Revolver”). Unlike the Old Revolver, the New Revolver requires the company to pledge “Material Real Property” (defined as real property valued at $10 million or more) and certain equity and debt interests of its subsidiaries as collateral to secure the New Revolver once the company’s 2023 senior notes are repaid. Read our Americas Covenants experts full analysis of the Brinker International tear sheet here.

Contact: Matt Danese