Darden cash flows improve, so company repays $270 million term loan

By Devika Patel

Knoxville, Tenn., Sept. 24 – Darden Restaurants, Inc. fully repaid its $270 million term loan last quarter, after seeing improving cash flows.

“During the quarter, as we saw steadily improving weekly cash flows, we gained confidence in our estimated cash flow ranges,” senior vice president and chief financial officer Rick Cardenas said on the company’s first quarter ended Aug. 30 earnings conference call on Thursday.

“We fully repaid the $270 million term loan we took out in April,” he said.

The company now has access to $1.4 billion of liquidity with $655 million of cash on hand and $750 million available through its credit facility.

Darden is an Orlando, Fla.-based casual dining operator.

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