Panera Bread Company announced that it secured a five-year, $100 million term loan from Bank of America, Wells Fargo and TD Bank. Proceeds from the loan will be used for general corporate purposes, the Journal reported.

“This modest amount of debt is the next logical step in the evolution of our thinking around capital structure,” said Roger Matthews, Panera Bread’s chief financial officer. “As we continue to grow our store base, invest in expanded growth opportunities and return capital to shareholders through consistent share repurchase, we expect this debt should allow us to achieve a range of objectives for shareholders. However, nothing has changed in our commitment to maintain modest leverage on the balance sheet as well as significant financial capacity to be opportunistic.”

The loan agreement provides an unsecured, five-year term loan in the amount of $100 million and applies a floating rate of interest based on a credit spread to LIBOR based on the company’s consolidated leverage ratio. The current implied borrowing rate at the time of this loan is approximately 1.15%. The company’s obligations under the term loan are guaranteed by certain of its direct and indirect subsidiaries.