secwatch / observer
8-K filed October 12, 2023, 7:59 PM ET CIK 0001592058
other material confidence high sentiment neutral materiality 0.95

Party City Holdco Inc.: debt financing — Party City emerges from Chapter 11; old shares canceled, new equity issued, $545M ABL facility closed

Party City Holdco Inc.

item 1.01item 1.02item 2.03item 3.02item 3.03item 5.01item 5.02item 5.03item 7.01item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Robert Hull

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
Appointed

Robert Hull

Chairman of the Board
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
Mr. Robert Hull was appointed to serve as Chairman of the Board.
Appointed (interim)

Sean Thompson

Interim CEO
Party City Holdco Inc.
Effective
2023-11-03
Filed
October 12, 2023, 7:59 PM ET
Mr. Sean Thompson, the Company’s current President & Chief Commercial Officer, is expected to assume the role of Interim CEO upon the effectiveness of Mr. Weston’s resignation.
Appointed

Bradley Weston

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
Departed (interim)

Brad Weston

Chief Executive Officer
Party City Holdco Inc.
Effective
2023-11-03
Successor
Sean Thompson
Filed
October 12, 2023, 7:59 PM ET
On the Effective Date, Mr. Brad Weston provided notice of his intention to resign as Chief Executive Officer (“CEO”) of the Company, effective November 3, 2023.
Appointed

Anthony Truesdale

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
Appointed

Mark King

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
Departed

Norman S. Matthews

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

Sarah Dodds-Brown

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

Michelle Millstone-Shroff

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

Jennifer Fleiss

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

Steven Collins

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

John A. Frascotti

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Appointed

Neal Goldman

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
Departed

Joel A. Alsfine

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

William S. Creekmuir

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
Departed

James Conroy

Director
Party City Holdco Inc.
Effective
2023-10-12
Filed
October 12, 2023, 7:59 PM ET
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Party City Holdco Inc. incurred credit facility of $545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at adjusted term SOFR rate, subject to a floor of 0.00%, plus an applicable margin maturing October 12, 2028.

Instrument
credit facility
Principal
$545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters
Counterparty
JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate
adjusted term SOFR rate, subject to a floor of 0.00%, plus an applicable margin
Maturity
October 12, 2028
Event
incurrence
Exact text from the filing
from time to time, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacities, the “ABL Agent”). The ABL Credit Agreement provides for a $545 million senior secured asset-based revolving loan facility (with a $60 million sublimit for the issuance of letters of credit thereunder) (the “ABL Revolving Facility” and the loans
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Hull was appointed as Director at Party City Holdco Inc..

Action
appointed
Role
Director
Exact text from the filing
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Hull was appointed as Chairman of the Board at Party City Holdco Inc..

Action
appointed
Role
Chairman of the Board
Exact text from the filing
Mr. Robert Hull was appointed to serve as Chairman of the Board.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Sean Thompson was appointed as Interim CEO at Party City Holdco Inc..

Action
expected to assume
Role
Interim CEO
Exact text from the filing
Mr. Sean Thompson, the Company’s current President & Chief Commercial Officer, is expected to assume the role of Interim CEO upon the effectiveness of Mr. Weston’s resignation.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Bradley Weston was appointed as Director at Party City Holdco Inc..

Action
appointed
Role
Director
Exact text from the filing
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Brad Weston resigned as Chief Executive Officer at Party City Holdco Inc..

Action
resigned
Role
Chief Executive Officer
Exact text from the filing
On the Effective Date, Mr. Brad Weston provided notice of his intention to resign as Chief Executive Officer (“CEO”) of the Company, effective November 3, 2023.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Anthony Truesdale was appointed as Director at Party City Holdco Inc..

Action
appointed
Role
Director
Exact text from the filing
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Mark King was appointed as Director at Party City Holdco Inc..

Action
appointed
Role
Director
Exact text from the filing
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Norman S. Matthews resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Sarah Dodds-Brown resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Michelle Millstone-Shroff resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Jennifer Fleiss resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Steven Collins resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

John A. Frascotti resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Neal Goldman was appointed as Director at Party City Holdco Inc..

Action
appointed
Role
Director
Exact text from the filing
As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company’s Chief Executive Officer).
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

Joel A. Alsfine resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

William S. Creekmuir resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Executive change SEC 8-K Item 5.02 confidence 0.95

James Conroy resigned as Director at Party City Holdco Inc..

Action
resigned
Role
Director
Exact text from the filing
In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the “Board”) on the Effective Date.
View on SEC.gov
Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.8

Party City Holdco Inc.: Company amended its Bylaws to modify provisions regarding director election, removal, special meetings, and advance notice requirements (effective 2023-10-12).

Change
bylaw amendment
Effective
2023-10-12
Exact text from the filing
Anti-Takeover Provisions Some provisions of Delaware law, the COI and the Bylaws summarized below could make certain change of control transactions more difficult, including acquisitions of the Company by means of a tender offer, proxy contest or otherwise, as well as removal of the incumbent directors.
View on SEC.gov
Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

Party City Holdco Inc.: Company adopted the Third Amended and Restated Certificate of Incorporation after the Effective Date, which changed the authorized capital structure and added anti-takeover provisions (effective 2023-10-12).

Change
charter amendment
Effective
2023-10-12
Exact text from the filing
After the Effective Date, in accordance with the Plan, the Company will file the Third Amended and Restated Certificate of Incorporation (the “COI”) with the Delaware Secretary of State.
View on SEC.gov
Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Party City Holdco Inc. entered into ABL Credit Agreement with JPMorgan Chase Bank, N.A. valued at $545 million senior secured asset-based revolving loan facility.

Action
entry
Agreement
credit facility
Counterparty
JPMorgan Chase Bank, N.A.
Value
$545 million senior secured asset-based revolving loan facility
Exact text from the filing
ompany and certain of its subsidiaries entered into an ABL credit agreement (the “ABL Credit Agreement”), by and among the Company, as a parent guarantor, Party City Holdings Inc., a Delaware corporation, as the parent borrower (the “Parent Borrower”),
View on SEC.gov

41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR
accession 0000950142-23-002592
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