Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when JACK files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsJack in the Box closes $500M debt refinancing at 7.624%, extends maturities to 2029
Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
-
high
Issued $500M fixed-rate securitized notes at 7.624% through bankruptcy-remote subsidiary, backed by franchise agreements, restaurants, and intellectual property. Replaces lower-rate debt (3.4%-4.5%) but pushes next maturity from near-term to 2029.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Proceeds fully retired $46.1M of 2019-series notes and partially paid down $479.9M of 2022-series notes. Refinancing transaction, not net new borrowing. Remaining proceeds flow to parent for general corporate use.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Established new $150M revolving facility, replacing prior facility of same size. Drew $39M at closing, issued $56M in letters of credit, leaving ~$55M unused. Carries 50-100 bps commitment fee on unused capacity.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Notes include rapid amortization triggers tied to debt service coverage ratios, restaurant sales thresholds, change of control, and failure to refinance by May 2031. Standard for asset-backed securitizations but creates refinancing risk if performance deteriorates.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Terminated commitments under existing Series 2022-1 Variable Funding Notes in connection with new revolving facility.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR →
Summary
Jack in the Box completed a $500 million securitized debt refinancing, issuing fixed-rate notes at 7.624% to repay existing obligations and extend maturities.
While the new rate is substantially higher than the retired debt, it reflects current market conditions and provides three years of maturity runway under the company's balance sheet management plan. The refinancing maintains the company's $150 million revolving credit facility at the same capacity, with $39 million drawn and $56 million in letters of credit issued at closing.
The notes are secured by substantially all revenue-generating assets held in bankruptcy-remote subsidiaries, including franchise agreements, company-operated restaurants, and intellectual property. Standard rapid amortization triggers tied to debt service coverage ratios and sales thresholds create refinancing risk if operating performance weakens, but management characterizes the transaction as clearing near-term maturities to support sustainable value creation. This is a liability management exercise rather than a capital raise for growth or operations.
Section-by-Section Diff
Event · Item 1.02 — Termination of a Material Definitive Agreement
8-K references Item 1.01 for material agreement termination details, but Item 1.01 is not included in the provided filing text.
Added in current filing · verify on EDGAR →
Item 1.02 Termination of a Material Agreement. The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 1.02.
The filing discloses termination of a material agreement under Item 1.02, but cross-references Item 1.01 for details. The provided filing excerpt does not include Item 1.01 content, so the specific agreement terminated, termination terms, and business impact cannot be determined from the available text.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Jack in the Box completed a $500M securitized debt offering, refinancing prior notes and establishing a $150M revolving facility.
Added in current filing · verify on EDGAR →
On June 23 2026 (the “Closing Date”), Jack in the Box Funding, LLC (the “Master Issuer”), a limited-purpose, bankruptcy-remote, wholly owned indirect subsidiary of Jack in the Box Inc. (the “Company”), completed its previously announced financing transaction and issued $500 million of its Series 2026-1 7.624% Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”), in an offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the issuance of the Class A-2 Notes, the Master Issuer also entered into a revolving financing facility of Series 2026-1 Variable Funding Senior Secured Notes, Class A-1 (the “Variable Funding Notes”), which allows for the drawing of up to $150 million under the Variable Funding Notes, which include certain instruments, including a letter of credit facility.
Jack in the Box closed a $500 million fixed-rate securitized note offering at 7.624% through a bankruptcy-remote subsidiary, backed by franchise agreements, real estate, and intellectual property. The company also established a $150 million revolving credit facility. The notes have a legal final maturity in May 2056 but an anticipated repayment date of May 2031, with additional interest accruing if not repaid by that date. Note: these figures were previously disclosed in the company's Jun 15, 2026 8-K.
Added in current filing · verify on EDGAR →
The 2026 Notes are secured by a security interest in substantially all of the assets of the Master Issuer and the Guarantors (collectively, the “Securitization Entities”), except for certain real estate assets and subject to certain limitations as set forth in the Indenture and the Guarantee and Collateral Agreement. The assets of the Securitization Entities include most of the revenue-generating assets of the Company and its subsidiaries, which principally consist of franchise-related agreements, certain Company-operated restaurants, intellectual property and license agreements for the use of intellectual property. Upon certain trigger events, mortgages will be required to be prepared and recorded on the real estate assets.
The notes are secured by substantially all revenue-generating assets held in bankruptcy-remote subsidiaries, including franchise agreements, company-operated restaurants, and intellectual property. Real estate assets are excluded from the initial collateral but can be added via mortgages upon certain trigger events. The parent company does not guarantee the notes.
Event · Exhibit 99.1
Jack in the Box completed a $500M securitized debt refinancing, repaying near-term maturities and pushing next repayment to 2029.
Added in current filing · view on EDGAR →
The net proceeds of the sale of the 2026 Notes are expected to be used to (i) repay in full the Company’s existing Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II and (ii) repay a portion of the Series 2022-1 3.445% Fixed Rate Senior Secured Notes, Class A-2-I.
The proceeds will fully repay the 2019 series notes (4.476% rate) and partially repay the 2022 series notes (3.445% rate). The company is refinancing lower-rate debt with higher-rate debt (7.624%), reflecting current market conditions, but extending maturity dates. Note: these figures were previously disclosed in the company's Jun 15, 2026 8-K.
Added in current filing · view on EDGAR →
We are pleased to have cleared our near-term maturities, with our next anticipated repayment date in 2029, supporting our focus on sustainable value creation.
Management states the refinancing eliminates near-term debt maturities and pushes the next repayment to 2029, providing three years of runway. This is part of their 'JACK on Track' plan to maintain balance sheet strength.
Added in current filing · verify on EDGAR →
The Master Issuer also entered into a purchase agreement under which it will issue up to $150 million of its Series 2026-1 Variable Funding Senior Secured Notes, Class A-1 (the “Class A-1 Notes”), which will allow the Master Issuer to borrow amounts from time to time on a revolving basis. The Class A-1 Notes will replace the Company’s existing $150 million Series 2022-1 Variable Funding Senior Secured Notes, Class A-1.
The company established a new $150 million revolving credit facility to replace an existing facility of the same size. This maintains liquidity capacity for working capital and operational needs without changing the total available credit line.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify