Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 253

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 253
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, which commenced operations in the first quarter of fiscal 2024. The following table presents the Company’s accrued expenses and other as of the periods indicated:(in thousands)December 29,2024December 31,2023Accrued payroll and payroll taxes$30,272 $23,370 Accrued capital purchases7,514 7,935 Sales and use tax payable4,024 3,807 Gift card and loyalty liabilities6,736 4,096 Other accrued expenses21,276 20,011 Total accrued expenses and other$69,822 $59,219 

6.    DEBT

JPMorgan Chase Bank Revolving Line of Credit—On February 15, 2023, the Company entered into a second amendment with respect to its revolving credit agreement with JP Morgan Chase Bank, N.A. as administrative agent dated March 11, 2022, collectively known as the “2022 Credit Facility.” 

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The amendment provided for a $30.0 million delayed draw term loan facility (the “Delayed Draw Facility”) to finance construction and capital expenditures in respect of the Company’s production facility in Verona, Virginia. On May 31, 2023, the Company borrowed $6.0 million under the Delayed Draw Facility, which was repaid on July 6, 2023 (amounts repaid under the Delayed Draw Facility cannot be reborrowed). The Delayed Draw Facility terminated on August 15, 2024. As of December 29, 2024, available borrowing capacity under the 2022 Credit Facility was $74.3 million, net of $0.7 million of outstanding letters of credit. The 2022 Credit Facility contains lender approved, uncommitted incremental revolving credit capacity of up to an aggregate amount of $25.0 million. The 2022 Credit Facility has a five-year term and matures on March 11, 2027. As of December 29, 2024, the Company had unamortized loan origination fees of $0.8 million related to the 2022 Credit Facility recorded within other long-term assets on the accompanying consolidated balance sheet.Interest on loans under the 2022 Credit Facility are based on the one, three or six months Adjusted Term Secured Overnight Financing Rate (as described in the 2022 Credit Facility), as applicable, plus an applicable margin of 1.50% to 2.50