Emerald Holding, Inc., owner of the Outdoor Retailer and Surf Expo trade shows, has successfully completed the refinancing of its First Lien Term Loan and extended the maturity date of its revolving credit facility.
Emerald and a syndicate of lenders and Bank of America, as administrative agent, reportedly refinanced the company’s existing $409 million First Lien Term Loan with a new upsized, seven-year, $515.0 million senior secured term loan facility (Term Loan Facility), scheduled to mature on January 30, 2032. The company also extended the maturity of its $110.0 million senior secured revolving credit facility (Revolving Credit Facility), by five years, now set to mature on January 30, 2030.
“This refinancing marks a pivotal milestone in strengthening our financial flexibility and optimizing our capital structure,” said David Doft, CFO, Emerald Holding, Inc. “The improved terms, lower interest rate, and strong demand for the upsized term loan underscore the market’s confidence in our business fundamentals and robust free cash flow profile. By enhancing our liquidity and reducing financing costs, this refinancing provides us with greater capacity to accelerate portfolio optimization initiatives, bolster free cash flow, and advance our strategic growth priorities with confidence.”
The company said a portion of the proceeds of the Term Loan Facility were used to refinance all existing loans outstanding under Emerald’s previous senior secured credit facilities, and to pay costs and expenses in connection with the refinancing. The balance of the proceeds of the Term Loan Facilities remain on the balance sheet of Emerald and may be used from time to time for general business purposes, including the financing of acquisitions. The Revolving Credit Facility was not drawn and may be used from time to time for general business purposes, including the financing of acquisitions.
Image courtesy Surf Expo/Emerald Holding, Inc.
