Noodles draws down $20 million under $75 million revolver

By Wendy Van Sickle

Columbus, Ohio, March 20 – Noodles & Co. drew down an incremental $20 million under its $75 million revolving credit agreement on Friday as a precautionary measure to bolster its cash position amid the uncertainty from the coronavirus pandemic, according to an 8-K filing with the Securities and Exchange Commission.

At Dec. 31, Noodles had $42.6 million of debt and $3.2 million of letters of credit outstanding under the credit facility.

With the draw down and existing cash the company said it has more than $25 million of cash and cash equivalents on hand.

Proceeds are being held on Noodles’ balance sheet and may be used for general corporate purposes, including working capital, capital expenditures or other lawful corporate purposes.

The restaurant chain is based in Broomfield, Colo.

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