Noble Roman’s Refinances Senior Debt With $6.9 Million Wintrust-Backed Loan
The Indianapolis pizza company swapped costlier financing for a fixed-rate term loan and cleared millions of dilutive warrants off its books.
June 15, 2026
Noble Roman’s, Inc. has restructured its balance sheet through a new senior secured term loan, replacing a higher-cost facility and clearing a block of warrants that had hung over its common stock.
The Indiana-based pizza company said that on June 10, 2026 it entered into a credit agreement with Lake Forest Bank & Trust Company, a subsidiary of Wintrust Financial Corporation. The lender extended a senior secured term loan of roughly $6.9 million.
Where the Money Went
Most of the proceeds retired existing obligations:
- About $5.4 million to repay a senior secured term loan from Corbel Capital Partners SBIC, including accrued interest and related costs.
- $500,000 to buy back and cancel warrants tied to that loan, which had covered up to 5.5 million common shares.
- $580,000 to repay subordinated debt with accrued interest.
- $196,000 in advisory fees to Three Sixty Seven Advisory, plus closing costs.
Cheaper, Simpler Terms
The new loan carries cash interest at Term SOFR plus 4.00%, currently about 7.60% a year, and matures in five years. Principal and interest are due in fixed monthly installments. A 1.00% prepayment fee applies before the second anniversary of closing and falls away after that.
The contrast with the prior arrangement matters. The Corbel facility carried equity and payment-in-kind features. The Wintrust loan has neither, removing the threat of further dilution and the accrual of non-cash interest.
Covenants and Security
The agreement includes standard covenants, among them requirements to maintain certain financial ratios. Within 90 days, Noble Roman’s must put interest rate hedging contracts in place covering at least half of the outstanding principal and running through maturity. First priority liens on all assets of the company and its subsidiary secure the debt.
The complete agreement will be attached as an exhibit to the company’s quarterly report for the period ended June 30, 2026. Executive Chairman and Chief Financial Officer Paul W. Mobley signed the report.
