Rent the Runway recapitalization: $100M debt-for-equity swap, $20M new loans, $12.5M rights offering

Rent the Runway, Inc.

Lender exchanges $100M debt for new term loans; contributes excess debt for 86% of outstanding Class A shares.
New $120M credit facility: $100M exchange loans + $20M new money, maturing 4 years post-closing at SOFR+5%.
Rights offering of $12.5M at $4.08/share, fully backstopped by Investor Group (CHS, Nexus, Story3).
Board will be reconstituted to 7 members post-closing; Jennifer Hyman remains CEO; 6 directors tender contingent resignations.
Gwyneth Paltrow resigned effective August 19, 2025; no disagreement with company.

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