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Get filing alertsJack in the Box issues $500M in 7.624% senior secured notes to refinance existing debt
Filed June 15, 2026 · Period ending June 12, 2026 · ~1 min read
Key Changes
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Company agreed to issue $500 million of 7.624% senior secured notes due May 2031 through private securitization, with quarterly interest payments and early prepayment options.
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Interest rate jumps by at least 5% annually if notes aren't repaid by 2031 maturity date, creating strong incentive to refinance within five years.
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Proceeds will fully prepay 4.476% Series 2019-1 notes and partially prepay 3.445% Series 2022-1 notes, refinancing higher-cost debt with current market rates.
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New $150M revolving credit facility replaces existing facility of same size, maintaining borrowing capacity while updating terms.
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Transaction expected to close in June 2026, subject to standard closing conditions; press release issued June 15, 2026.
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Summary
Jack in the Box is executing a significant debt refinancing, issuing $500 million in new senior secured notes at 7.624% to replace older, lower-rate debt from 2019 and 2022. While the new rate is substantially higher than the 3-4% rates on existing notes, this reflects current market conditions and allows the company to consolidate obligations under updated terms. The five-year maturity includes a notable penalty: if not repaid by May 2031, interest jumps by at least 5% annually, signaling management's intent to refinance again before then.
For shareholders, this is a routine capital structure optimization that maintains financial flexibility through a refreshed $150 million revolving credit line. The higher interest rate will increase debt service costs, potentially pressuring margins if not offset by operational improvements. Watch the company's next earnings report for updated interest expense guidance and any commentary on how this refinancing impacts capital allocation priorities, particularly regarding dividends or share buybacks.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Jack in the Box issued new 2026 Notes and will prepay existing 2019 and 2022 senior secured notes; establishing new $150M revolving credit facility.
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On June 15, 2026, Jack in the Box Inc. (the "Company") issued a press release announcing its entry into the Purchase Agreement and the pricing of the 2026 Notes.
The company announced it has entered into a purchase agreement and priced new 2026 Notes. This represents a new debt issuance, the proceeds of $500 million which will be used to refinance existing debt obligations.
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the Company has issued a notice of prepayment pursuant to the indenture governing its Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II (the "Series 2019-1 Class A-2-II Notes") to prepay, subject to completion of the sale of the 2026 Notes as described in item 1.01 above, all of the outstanding Series 2019-1 Class A-2-II Notes on the closing date of the sale of the 2026 Notes.
The company will fully prepay all outstanding Series 2019-1 Class A-2-II Notes bearing 4.476% interest upon closing of the 2026 Notes sale. This is a debt refinancing transaction that will retire higher-rate debt.
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the Company has ... also issued a notice of prepayment pursuant to the indenture governing its Series 2022-1 3.445% Fixed Rate Senior Secured Notes, Class A-2-I (the "Series 2022-1 Class A-2-I Notes") to prepay, subject to completion of the sale of the 2026 Notes as described in item 1.01 above, a portion of the outstanding Series 2022-1 Class A-2-I Notes on the closing date of the sale of the 2026 Notes.
The company will partially prepay its Series 2022-1 Class A-2-I Notes bearing 3.445% interest upon closing of the 2026 Notes sale. This represents a partial debt reduction as part of the broader refinancing.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
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Interest payments on the 2026 Notes are payable on a quarterly basis. The anticipated repayment date of the 2026 Notes will be May 2031, unless earlier prepaid to the extent permitted under the indenture that will govern the 2026 Notes.
The notes have a five-year anticipated maturity (May 2031) with quarterly interest payments. The company has the option to prepay the notes early subject to indenture terms, providing some financial flexibility.
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If the Master Issuer has not repaid or redeemed the 2026 Notes prior to the anticipated repayment date, additional interest will accrue on the 2026 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the amount, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the anticipated repayment date of the United States Treasury Security having a term closest to 10 years, plus (ii) 5.00%, plus (iii) 3.50%, exceeds the original interest rate with respect to the 2026 Notes.
If the notes are not repaid by May 2031, the interest rate increases significantly—by at least 5% per annum or potentially more based on a formula tied to Treasury yields. This step-up provision creates a strong incentive for the company to refinance or repay the debt by the anticipated maturity date.
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The closing of the sale of the 2026 Notes is anticipated to occur in June 2026 and is subject to the satisfaction of various closing conditions specified in the Purchase Agreement.
The debt issuance is expected to close in June 2026, pending satisfaction of customary closing conditions.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 15, 2026 · How we verify