The ONE Group Hospitality adds $50M delayed draw term loan; total credit capacity now $87M

ONE Group Hospitality, Inc.

New $50M delayed draw term facility available for up to 12 months, subject to 1.75x Net Leverage incurrence test.
Company may repurchase up to $50M in stock under the same net leverage test and no default condition.
Interest rate switched from LIBOR plus margin to SOFR plus applicable margin.
Total credit facility now comprises $25M term loan, $12M revolver, and $50M delayed draw = $87M.
CEO says amendment enhances financial flexibility to accelerate development pipeline and growth.

Key facts

Extracted from this filing and checked against the source text.

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

ONE Group Hospitality, Inc. amended Credit Agreement with Goldman Sachs Bank USA, as collateral agent, and Goldman Sachs Specialty Lending Group, L.P., as administrative agent valued at $50 million (effective 2022-12-13).

Action: amendment
Agreement: credit facility
Counterparty: Goldman Sachs Bank USA, as collateral agent, and Goldman Sachs Specialty Lending Group, L.P., as administrative agent
Value: $50 million
Effective: 2022-12-13

Exact text from the filing

On December 13, 2022, The ONE Group Hospitality, Inc. and certain of its subsidiaries (the “Company”), Goldman Sachs Bank USA, as collateral agent, and Goldman Sachs Specialty Lending Group, L.P., as administrative agent, entered into an amendment to the Credit Agreement that: · Allows for a new $50 million delayed draw term facility

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ONE Group Hospitality, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-126811

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