B. Riley enters $600M credit facility, invests $216.5M in Franchise Group acquisition

BRC Group Holdings, Inc.

Entered $500M secured term loan and $100M revolving credit facility, maturing Aug 2027.
Borrowed full $500M term loan and full $100M revolving on closing date August 21, 2023.
Proceeds used for equity investment in FRG parent, to prepay existing credit agreement, fund dividend reserve.
Made new $216.5M cash equity investment in FRG parent, bringing total to ~$280M.
SOFR loans accrue at 6.00% margin; quarterly amortization at 0.625% of term loan principal.

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

BRC Group Holdings, Inc. entered into Credit Agreement with Nomura Corporate Funding Americas, LLC, as administrative agent, and Computershare Trust Company, N.A., as collateral agent, and the lenders party thereto valued at $500 million secured term loan credit facility and $100 million secured revolving loan credit facili (effective 2023-08-21).

Action: entry
Agreement: credit facility
Counterparty: Nomura Corporate Funding Americas, LLC, as administrative agent, and Computershare Trust Company, N.A., as collateral agent, and the lenders party thereto
Value: $500 million secured term loan credit facility and $100 million secured revolving loan credit facili
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023 (the " Closing Date "), B. Riley Financial, Inc., a Delaware corporation (the " Company "), and the Company’s wholly owned subsidiary, BR Financial Holdings, LLC, a Delaware limited liability company (the " Borrower "), entered into a credit agreement (the " Credit Agreement ") by and among the Company, the Borrower, the lenders party thereto, Nomura Corporate Funding Americas, LLC, as administrative agent, and Computershare Trust Company, N.A., as collateral agent, providing for a $500 million secured term loan credit facility (the " Term Loan Facility ") and a $100 million secured revolving loan credit facility

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BRC Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-070954

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