Xponential Fitness, Inc. (XPOF): debt financing — Xponential Fitness adds $65M term loan, replaces LIBOR with SOFR, raises CFO salary

Xponential Fitness, Inc.

Entered fifth amendment to credit agreement for $65M incremental term loans on Aug 3, 2023.
Proceeds to be used for stock buyback, fees, expenses, and general corporate purposes.
Benchmark interest rate switched from LIBOR to Term SOFR.
CFO John Meloun's base salary increased to $425,000 and cash bonus opportunity to 60%, effective immediately.

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

Xponential Fitness, Inc. incurred term loan of $65.0 million with Wilmington Trust, National Association, as administrative agent and collateral agent, and the lenders party thereto, including certain entities affiliated with MSD Partners.

Instrument: term loan
Principal: $65.0 million
Counterparty: Wilmington Trust, National Association, as administrative agent and collateral agent, and the lenders party thereto, including certain entities affiliated with MSD Partners
Event: incurrence

Exact text from the filing

additional term loans in an aggregate principal amount of $65.0 million (the “Fifth Amendment Incremental Term Loans”)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Xponential Fitness, Inc. amended credit facility with Wilmington Trust, National Association, as administrative agent and collateral agent, and the lenders party thereto, including certain entities affiliated with MSD Partners at benchmark interest rate based on the forward-looking secured overnight financing.

Instrument: credit facility
Counterparty: Wilmington Trust, National Association, as administrative agent and collateral agent, and the lenders party thereto, including certain entities affiliated with MSD Partners
Rate: benchmark interest rate based on the forward-looking secured overnight financing
Event: amendment

Exact text from the filing

replaces the benchmark interest rate based on the London Interbank Offered Rate (“LIBOR”) (and related LIBOR-based mechanics) applicable to the loans under the Credit Agreement with a benchmark interest rate based on the forward-looking secured overnight financing rate (“Term SOFR”) (and related Term SOFR-based mechanics)

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

Xponential Fitness, Inc. amended Amendment with Wilmington Trust, National Association valued at $65.0 million (effective 2023-08-03).

Action: amendment
Agreement: credit facility
Counterparty: Wilmington Trust, National Association
Value: $65.0 million
Effective: 2023-08-03

Exact text from the filing

On August 3, 2023, Xponential Fitness, Inc. (the “Company”) and certain of the Company’s domestic subsidiaries entered into a fifth amendment (the “Amendment”) to its existing financing agreement

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102 debt financings filed in the last 30 days. Browse all debt financings →

Xponential Fitness, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-204080

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