Hydrofarm reduces revolver to $75M, enters sale-leaseback of Oregon property for ~$8.6M

HYDROFARM HOLDINGS GROUP, INC.

Fourth Amendment cuts revolving credit facility from $100M to $75M; no borrowings outstanding.
Sale-leaseback of Eugene, OR property for ~$8.6M; proceeds to fund capex for growth programs in 2023.
Mandatory prepayment from sale-leaseback proceeds waived; closing expected by end of January 2023.
Company says reduction in revolver has no material immediate impact on liquidity; borrowing base supported ~$62M as of Sept 30.

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

HYDROFARM HOLDINGS GROUP, INC. amended Fourth Amendment with JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender, and the lenders from time to time party thereto (effective 2022-12-22).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender, and the lenders from time to time party thereto
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, Hydrofarm Holdings Group, Inc. (the “Company”) and certain of its subsidiaries entered into an amendment (the “Fourth Amendment”) to that certain Senior Secured Revolving Credit Facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender, and the lenders from time to time party thereto.

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HYDROFARM HOLDINGS GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-130938

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