Topgolf Callaway Brands completes debt refinancing with $1.25B term loan and $525M ABL

Callaway Golf Co

New $1.25B senior secured term loan B due 2030 at SOFR+350+10 bps; maturities extended.
Refinanced $432M existing term loan, $337M Topgolf term loan, and $175M revolver.
Go-forward cash interest savings of over $12M per year on refinanced debt.
Upsized ABL facility to $525M (from $400M) with 5-year maturity, improving liquidity by >$300M.
Company expects positive free cash flow in 2023; plans 11 new Topgolf venues per year at 40-50% returns.

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