Katapult refinances credit: $110M revolver, $32.7M term loan at 18% PIK; warrants issued to Blue Owl

Katapult Holdings, Inc.

New $110M revolver (incl $20M new commitments) at SOFR+7%+0.10% spread; $32.7M term loan at 18% PIK interest.
Term loan convertible to equity at 50% discount to 20-day VWAP (floor $2); warrants for 486,264 shares at $0.01 to Blue Owl affiliates.
Stockholder approval required by Sep 1, 2025 for conversion; failure triggers default and acceleration.
Existing defaults waived contingent on stockholder approval; new covenants include minimum liquidity from Feb 2026.
Term loan conversion could dilute up to 80% of equity; warrants add ~10.7% of outstanding shares.

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