Rent the Runway completes $357M IPO, amends credit facility to $271.6M at 12% rate

Rent the Runway, Inc.

IPO of 17,000,000 shares at $21.00 per share; gross proceeds $357.0M before expenses.
Credit facility amended: maturity extended to Oct 2024, principal reduced to $271.6M, interest rate 12% (up to 5% PIK), minimum liquidity covenant $50M.
Used net proceeds to repay entire Ares Facility and $60.0M of outstanding term loans under the Credit Facility.
Stockholders Agreement: Bain, Highland, and Founder designate board nominees; initial board of 11 directors detailed.
Issued 394,343 warrants to lenders in connection with the credit facility amendment.

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