BRAND HOUSE COLLECTIVE, INC.: debt financing — Kirkland's secures $12M FILO term loan with Gordon Brothers to boost liquidity

BRAND HOUSE COLLECTIVE, INC.

$12M first-in-last-out asset-based delayed-draw term loan with Gordon Brothers Group.
Subordinated to existing $90M revolving credit facility; initial $5M must be drawn by April 1, 2024.
Combined credit availability ~$21.5M; interest rate Term SOFR + 9.5% initially, 11.5% after adjustment.
Facility matures March 31, 2028, coterminous with existing revolver; proceeds for working capital.
CFO says additional capital supports strategic repositioning efforts.

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

BRAND HOUSE COLLECTIVE, INC. incurred term loan of $12 million with 1903P Loan Agent, LLC at one-month Term SOFR, plus a margin of 9.50% maturing March 31, 2028.

Instrument: term loan
Principal: $12 million
Counterparty: 1903P Loan Agent, LLC
Rate: one-month Term SOFR, plus a margin of 9.50%
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

The FILO Credit Agreement provides for a $12 million "first-in, last-out" delayed-draw asset-based term loan (the "FILO Loan").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BRAND HOUSE COLLECTIVE, INC. entered into FILO Credit Agreement with Gordon Brothers Group (via an affiliate entity, 1903P Loan Agent, LLC) valued at $12 million (effective 2024-01-25).

Action: entry
Agreement: credit facility
Counterparty: Gordon Brothers Group (via an affiliate entity, 1903P Loan Agent, LLC)
Value: $12 million
Effective: 2024-01-25

Exact text from the filing

On January 25, 2024, Kirkland’s, Inc. (the “Company”), entered into a Term Loan Credit Agreement (the “FILO Credit Agreement”), by and among the Company, which together with one of its subsidiaries, serves as a guarantor thereunder, the remaining of the Company’s subsidiaries as borrowers (the “Borrowers”), and Gordon Brothers Group (the “FILO Lender”), via an affiliate entity, 1903P Loan Agent, LLC, as administrative agent and lender.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BRAND HOUSE COLLECTIVE, INC. amended Amendment to Existing Credit Facility with Bank of America with Bank of America, N.A. (effective 2024-01-25).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A.
Effective: 2024-01-25

Exact text from the filing

Also on January 25, 2024, the Company entered into an amendment with Bank of America to its Existing Credit Facility to permit the FILO Loan.

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Source: SEC EDGAR

accession 0000950170-24-007706

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