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BofA Downsizes Sequential Brands’ Credit Facility by $80MM

January 03, 2020, 08:45 AM
Filed Under: Consumer Products
Related: Bank of America

Sequential Brands Group, Inc. amended its Third Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and collateral agent and the lenders party thereto.  The loans under the Amended BoA Credit Agreement will be subject to quarterly amortization payments of $2.5 million through September 30, 2020, $3.25 million through September 30, 2021 and $4 million for each fiscal quarter thereafter. 

The Amended BoA Credit Agreement modifies the calculation of Consolidated EBITDA (as defined in the agreement) by permitting additional addbacks and specifying the EBITDA amounts for the quarters ended September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019.  The Amended BoA Credit Agreement allows for the netting of up to $5 million in cash of the Company and its subsidiaries for purposes of calculating the leverage ratio covenant.  The Company reduced the available commitments under the revolving facility to $80 million.







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