Regis renegotiates debt: $180M term loan, maturity extended to Aug 2025, liquidity covenant cut to $10M

REGIS CORP

Converted $180M of existing $295M revolver to term loan; revolver reduced to $55M.
Maturity extended from March 2023 to August 31, 2025; minimum liquidity covenant lowered to $10M from $75M.
Term SOFR margin starts at 3.875%, steps to 6.25% (Mar 2023) then 7.25% (Mar 2024), with PIK interest.
New covenants: min EBITDA, max leverage, fixed charge coverage (latter two not tested until Dec 31, 2023).
Quarterly mandatory prepayment of 75-100% of excess cash flow; threshold for excess cash prepayment lowered to $15M.

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