ONE Group Hospitality, Inc. (STKS): debt financing — One Group Hospitality draws $50M delayed term loan at SOFR+6.50%, repays $5M revolver

ONE Group Hospitality, Inc.

Borrowed $50M under delayed draw term facility on Dec 28, 2022.
Repaid $5M on its revolving credit facility.
Loan bears interest at SOFR plus 6.50%, matures August 6, 2026.
Proceeds held to accelerate restaurant openings, capex, share repurchases, or acquisitions.
Cash balances earn approximately 3.75% interest income.

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

ONE Group Hospitality, Inc. incurred term loan of $50 million with Goldman Sachs Bank USA, as collateral agent, and Goldman Sachs Specialty Lending Group, L.P., as administrative agent at SOFR plus 6.50% maturing August 6, 2026.

Instrument: term loan
Principal: $50 million
Counterparty: Goldman Sachs Bank USA, as collateral agent, and Goldman Sachs Specialty Lending Group, L.P., as administrative agent
Rate: SOFR plus 6.50%
Maturity: August 6, 2026
Event: incurrence

Exact text from the filing

On December 28, 2022, the Company borrowed $50 million of the delayed draw term facility and repaid $5 million on its revolving credit facility.

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ONE Group Hospitality, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-000856

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