Vintage Wine Estates, Inc.: debt financing — Vintage Wine Estates extends forbearance with lenders to June 4; defers $10M payment to June 17

Vintage Wine Estates, Inc.

Forbearance period extended to June 4, 2024; lenders agree not to exercise remedies if terms met.
$10M mandatory prepayment of term loan deferred from May 15 to June 17, 2024.
Swingline borrowing rate amended to 1-month Term SOFR + 0.8% plus applicable margin.
Company paid lenders a fee of 5 basis points on outstanding loans and commitments under the amendment.
Extension provides short-term liquidity relief; company remains in default on credit agreement.

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 credit facility with BMO Bank N.A. as administrative agent and the Consenting Lenders at one-month Adjusted Term SOFR plus 0.8% plus the Applicable Margin for Adjusted B.

Instrument: credit facility
Counterparty: BMO Bank N.A. as administrative agent and the Consenting Lenders
Rate: one-month Adjusted Term SOFR plus 0.8% plus the Applicable Margin for Adjusted B
Event: amendment

Exact text from the filing

On May 6, 2024, the Company, the Borrowers, the Consenting Lenders and the Agent entered into Amendment Number One to the A&R Forbearance Agreement (the “Amendment”). The Amendment, effective as of May 6, 2024, amends the A&R Forbearance Agreement, to, among other things, (a) extend the period during which the Agent and the Lenders have agreed to forbear from enforcing their respective rights and remedies in respect of certain events of default under the Loan Agreement, subject to the terms and conditions therein, to June 4, 2024 (the "Forbearance Period"), (b) extend the deadline by which the Borrowers shall make a $10 million mandatory prepayment of the term loan to June 17, 2024 and (c) amend the interest rate for swingline borrowings to be equal to one-month Adjusted Term SOFR plus 0.8% plus the Applicable Margin for Adjusted Base Rate Revolver Loans (each as defined in the Loan Agreement).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Vintage Wine Estates, Inc. amended Amendment Number One with BMO Bank N.A., as administrative agent and collateral agent, and the Consenting Lenders (effective 2024-05-06).

Action: amendment
Agreement: credit facility
Counterparty: BMO Bank N.A., as administrative agent and collateral agent, and the Consenting Lenders
Effective: 2024-05-06

Exact text from the filing

On May 6, 2024, the Company, the Borrowers, the Consenting Lenders and the Agent entered into Amendment Number One to the A&R Forbearance Agreement (the “Amendment”).

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Source: SEC EDGAR

accession 0000950170-24-055107

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