European Wax Center issues $400M 5.5% notes, repays $180M term loan, cuts FY2022 adj. net income outlook to $20-24M

European Wax Center, Inc.

Issued $400M Series 2022-1 Class A-2 Fixed Rate Notes at 5.5% due 2027; $40M variable funding facility undrawn except ~$5.6M letter of credit.
Net proceeds of ~$372M used to repay $180M outstanding term loan under senior secured credit facilities.
Expects to fund one-time special dividend to stockholders; timing and amount subject to Board determination.
Incremental pre-tax interest expense of ~$18M in Q2-Q4 FY2022; updated adjusted net income outlook to $20-24M from $35-39M.

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