Rent the Runway extends debt maturity to Oct 2026, lowers cash interest; grants 2M-share warrant; director resigns

Rent the Runway, Inc.

Ninth Amendment extends term loan maturity to Oct 29, 2026; cash interest reduced to 2% p.a. through Jul 31, 2024, then 5% p.a.
Total interest rate increases by 1% each year starting Feb 1, 2024; remainder paid in kind.
Granted warrant to lender Double Helix (Temasek sub) to purchase 2M shares at $5.00, expiring Jan 31, 2030.
Director Dan Rosensweig resigns effective Apr 1, 2023 to reduce time commitment; will serve as advisor thereafter.
No disagreement with company cited; resignation aims to avoid overboarding concerns.

item 1.01 item 3.02 item 5.02 item 9.01

Executive movements

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Departed

Dan Rosensweig

Director

RENT · Rent the Runway, Inc.

Effective: 2023-04-01
Filed: January 31, 2023, 6:59 PM ET

Dan Rosensweig tendered his resignation to be effective as of April 1, 2023 from the Company’s Board of Directors

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Dan Rosensweig resigned as Director at Rent the Runway, Inc..

Action: resigned
Role: Director

Exact text from the filing

Dan Rosensweig tendered his resignation to be effective as of April 1, 2023 from the Company’s Board of Directors

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

Rent the Runway, Inc. amended Credit Facility Amendment with Double Helix Pte Ltd. (effective 2023-01-31).

Action: amendment
Agreement: credit facility
Counterparty: Double Helix Pte Ltd.
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, Rent the Runway, Inc. (the “Company”) entered into an Ninth Amendment (the “Credit Facility Amendment”) to its term loan agreement dated as of July 23, 2018, as amended to date, with Double Helix Pte Ltd. (“Double Helix”), an indirectly wholly-owned subsidiary of Temasek Holdings (Private) Limited, as administrative agent for the lenders party thereto (the “Lenders”) which is referred to herein as the Credit Facility (as amended by the Credit Facility Amendment, the “Amended Credit Facility”).

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

Rent the Runway, Inc. entered into Warrant with Double Helix Pte Ltd. (effective 2023-01-31).

Action: entry
Agreement: equity purchase
Counterparty: Double Helix Pte Ltd.
Effective: 2023-01-31

Exact text from the filing

In connection with and as consideration for entering into the Credit Facility Amendment, on January 31, 2023, the Company granted a warrant to Double Helix to purchase up to 2 million shares of the Company’s Class A common stock, par value $0.001 per share (the “Warrant Shares”) at an exercise price of $5.00 per share (the “Warrant”).

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623 material agreements filed in the last 30 days. Browse all material agreements →

Rent the Runway, Inc. filing history →

Source: SEC EDGAR

accession 0001468327-23-000011

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