Jack in the Box Inc.
(NASDAQ:JACK) stock jumped nearly 9% in Tuesday's premarket trading after the restaurant chain completed a $500 million securitized financing transaction.
The rally also gained support from the company's addition to the annual FTSE Russell index reconstitution and a likely short squeeze in the heavily shorted stock.
Debt Refinancing Improves Balance Sheet Jack in the Box said last week an indirect, limited-purpose subsidiary completed the sale of $500 million of Series 2026-1 7.624% fixed-rate senior secured notes.
The company expects to use the proceeds to fully repay its outstanding Series 2019-1 Class A-2-II notes and repay a portion of its Series 2022-1 Class A-2-I notes.
