Grindr enters $350M credit facility (term loan $300M + revolver $50M), repays Fortress Credit Agreement

Grindr Inc.

Entered $300M senior secured term loan and $50M revolving credit facility with JPMorgan as agent; borrowed $300M term loan and $44.4M revolver on closing.
Proceeds used to repay in full all obligations under the Fortress Credit Agreement and pay fees and expenses.
Term loan amortizes at 1.25% quarterly, matures Nov 28, 2028; interest at SOFR+2.75%-3.25% or ABR+1.75%-2.25%.
Revolving facility includes $15M LC sublimit and $10M swingline; unused commitment fee 0.375%-0.50% per annum.
Financial covenants include maximum total net leverage ratio and minimum fixed charge coverage ratio.

item 1.01 item 1.02 item 2.03 item 9.01

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

Grindr Inc. terminated Fortress Credit Agreement (effective 2023-11-28).

Action: termination
Agreement: credit facility
Effective: 2023-11-28

Exact text from the filing

On November 28, 2023, the Company terminated that certain credit agreement, dated as of June 10, 2020 (as amended from time to time, the " Fortress Credit Agreement "), by and among, inter alios

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

Grindr Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $300.0 million senior secured term loan facility (effective 2023-11-28).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $300.0 million senior secured term loan facility
Effective: 2023-11-28

Exact text from the filing

On November 28, 2023, Grindr Inc. (the " Company "), entered into a credit agreement (the " Credit Agreement "), with Grindr Capital LLC, a subsidiary of the Company (the " Borrower "), certain other wholly owned domestic subsidiaries of the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the " Agent "), swingline lender and an issuing bank.

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Grindr Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-055141

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