Driven Brands secured an extension on several reporting deadlines tied to its securitization structure, with Midland Loan Services consenting to push back delivery dates for 2025 and first-quarter 2026 financial statements.
The biggest change is the annual 2025 audited financials for Driven Brands Holdings and its subsidiaries, which are now due June 10, 2026. That date becomes the anchor for other filings: the DBH first-quarter 2026 financials are now due 45 calendar days after the annual financials are delivered.
The same 45-day lag now applies to quarterly financials for the U.S. securitization entities, Canadian securitization entities and the U.S. manager, each tied to the delivery date of their respective 2025 annual audited statements. The 2025 annual accountants’ reports are now due 30 calendar days after the latest of the four annual delivery dates.
Midland said it will not declare a covenant breach, rapid amortization event or manager termination event solely because of the reporting delay, as long as the filings are delivered by the new deadlines.
The consent carried a $10,000 fee. The market has reacted to these announcements by moving the company's shares 1.88% to a price of $13.00. If you want to know more, read the company's complete 8-K report here.
