BRC Inc. (BRCC): debt financing — BRC Inc. Q2 revenue +39% to $91.9M; first positive Adj. EBITDA of $0.1M

BRC Inc.

2023-Q2 EPS reported -$0.15 revenue$175,437,000

Net revenue $91.9M, +39% YoY; wholesale +109% to $50.0M; DTC -6.4% to $34.6M; outpost +35%.
Gross margin improved to 35.0% from 34.0%; net loss $14.7M; Adj. EBITDA turned positive at $0.1M vs -$10.5M YoY.
Refinanced credit facility: $75M ABL (PNC) + $50M term loan (Whitehawk) + $6M bridge, maturing 2028.
Full-year 2023 guidance reaffirmed at lower end: low-to-mid 30% revenue growth, continued gross margin improvement, Adj. EBITDA profitability.
RTD coffee now in 82,000 doors; launched second national grocery chain and two regional chains.

item 1.01 item 2.02 item 2.03 item 9.01

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

BRC Inc. incurred loan of a bridge loan in the amount of $6 million with Whitehawk Capital Partners LP at The Bridge Loan does not accrue interest until November 8, 2023.

Instrument: loan
Principal: a bridge loan in the amount of $6 million
Counterparty: Whitehawk Capital Partners LP
Rate: The Bridge Loan does not accrue interest until November 8, 2023
Event: incurrence

Exact text from the filing

(ii) a Credit Agreement (the “Term Loan Credit Agreement” and together with the ABL Credit Agreement, the “Credit Agreements”) with Whitehawk Capital Partners LP, as administrative agent and collateral agent, and the lenders from time to time party thereto, pursuant to which the lenders thereunder provided the Borrowers with senior secured term loans on the Closing Date in an aggregate principal amount of $50 million (the “Term Loan”) and a bridge loan in the amount of $6 million (the “Bridge Loan” and together with the Term Loan, the “Term Loan Facility”).

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

BRC Inc. incurred credit facility of up to $75 million with PNC Bank, National Association at Base Rate plus a margin ranging from 1.50% to 2.00% or term SOFR plus a margin r maturing August 10, 2028.

Instrument: credit facility
Principal: up to $75 million
Counterparty: PNC Bank, National Association
Rate: Base Rate plus a margin ranging from 1.50% to 2.00% or term SOFR plus a margin r
Maturity: August 10, 2028
Event: incurrence

Exact text from the filing

On August 10, 2023 (the “Closing Date”), Authentic Brands LLC (“Authentic Brands”), a subsidiary of BRC Inc. (the “Company”), and certain subsidiaries of Authentic Brands (collectively with Authentic Brands, the “Borrowers”) entered into (i) a Credit Agreement (the “ABL Credit Agreement”) with PNC Bank, National Association, as administrative agent and collateral agent (“PNC”), and the lenders from time to time party thereto, pursuant to which the lenders thereunder agreed to provide the Borrowers with a senior secured asset-based revolving credit facility in an aggregate principal amount of up to $75 million (including a sub-facility for letters of credit in an amount up to $7.5 million) (the “ABL Facility”)

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

BRC Inc. incurred term loan of an aggregate principal amount of $50 million with Whitehawk Capital Partners LP at a base rate plus 7.50% or term SOFR plus 8.50%.

Instrument: term loan
Principal: an aggregate principal amount of $50 million
Counterparty: Whitehawk Capital Partners LP
Rate: a base rate plus 7.50% or term SOFR plus 8.50%
Event: incurrence

Exact text from the filing

(ii) a Credit Agreement (the “Term Loan Credit Agreement” and together with the ABL Credit Agreement, the “Credit Agreements”) with Whitehawk Capital Partners LP, as administrative agent and collateral agent, and the lenders from time to time party thereto, pursuant to which the lenders thereunder provided the Borrowers with senior secured term loans on the Closing Date in an aggregate principal amount of $50 million (the “Term Loan”) and a bridge loan in the amount of $6 million (the “Bridge Loan” and together with the Term Loan, the “Term Loan Facility”).

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BRC Inc. reported the second quarter ended June 30, 2023 results: revenue $91.9 million, net income $14.7 million.

Period: the second quarter ended June 30, 2023
Revenue: $91.9 million
Net income: $14.7 million
Result: reported results

Exact text from the filing

reference in such a filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 BRC Inc. Reports Second Quarter 2023 Financial Results Net Revenue Increases 39% in Q2 2023 to $91.9 million, Led by Wholesale Growth of 109% Achieves Positive Adjusted EBITDA for the Second Quarter, Reaffirms Profitability for the Full Year Launches Second National Grocery Customer and

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

BRC Inc. entered into ABL Credit Agreement with PNC Bank, National Association valued at up to $75 million (effective 2023-08-10).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: up to $75 million
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023 (the “Closing Date”), Authentic Brands LLC (“Authentic Brands”), a subsidiary of BRC Inc. (the “Company”), and certain subsidiaries of Authentic Brands (collectively with Authentic Brands, the “Borrowers”) entered into (i) a Credit Agreement (the “ABL Credit Agreement”) with PNC Bank, National Association, as administrative agent and collateral agent (“PNC”), and the lenders from time to time party thereto, pursuant to which the lenders thereunder agreed to provide the Borrowers with a senior secured asset-based revolving credit facility in an aggregate principal amount of up to $75 million

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

BRC Inc. entered into Term Loan Credit Agreement with Whitehawk Capital Partners LP valued at $50 million (effective 2023-08-10).

Action: entry
Agreement: credit facility
Counterparty: Whitehawk Capital Partners LP
Value: $50 million
Effective: 2023-08-10

Exact text from the filing

(ii) a Credit Agreement (the “Term Loan Credit Agreement” and together with the ABL Credit Agreement, the “Credit Agreements”) with Whitehawk Capital Partners LP, as administrative agent and collateral agent, and the lenders from time to time party thereto, pursuant to which the lenders thereunder provided the Borrowers with senior secured term loans on the Closing Date in an aggregate principal amount of $50 million

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

BRC Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-209081

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