Vintage Wine Estates, Inc.: debt financing — Vintage Wine Estates enters forbearance with lenders, cuts revolver to $180M, advances asset sales

Vintage Wine Estates, Inc.

Forbearance agreement with BMO Bank N.A. and lenders until March 31, 2024; revolving commitments reduced from $200M to $180M.
Interest rate on revolver increased by 100 bps during forbearance period.
Principal outstanding $324.3M as of Feb 29, 2024 under Second A&R Loan and Security Agreement.
Engaged Oppenheimer & Co. to sell non-core assets; received non-binding LOI and multiple attractive bids.
Expects to report Q2 fiscal 2024 results on March 12, 2024 (quarter ended Dec 31, 2023).

item 1.01 item 2.03 item 7.01 item 9.01

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

Vintage Wine Estates, Inc. amended revolving credit of $180 million with BMO Bank N.A..

Instrument: revolving credit
Principal: $180 million
Counterparty: BMO Bank N.A.
Event: amendment

Exact text from the filing

reduces the revolving commitments under the Loan Agreement from $200 million to $180 million

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Source: SEC EDGAR

accession 0000950170-24-025963

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