Rent the Runway amends credit facility; eliminates interest for six quarters, cuts liquidity minimum to $30M

Rent the Runway, Inc.

Eliminates all cash and PIK interest for six fiscal quarters starting Q4 FY2023.
Reduces minimum liquidity covenant from $50M to $30M.
Imposes caps on inventory capex, fixed opex, and marketing for FY2024; levels consistent with profitability goals.
Amendment with lender Double Helix (Temasek) signed Dec 1, 2023; no default or event of default occurred.
Borrower represented all representations and warranties true in all material respects.

item 1.01 item 9.01

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

Rent the Runway, Inc. amended Tenth Amendment to Credit Agreement with Double Helix Pte Ltd. (effective 2023-12-01).

Action: amendment
Agreement: credit facility
Counterparty: Double Helix Pte Ltd.
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, Rent the Runway, Inc. (the “Company”) entered into a Tenth Amendment to Credit Agreement (the “Credit Facility Amendment”) with respect 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 as the Credit Facility (as amended by the Credit Facility Amendment, the “Amended Credit Facility”).

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Rent the Runway, Inc. filing history →

Source: SEC EDGAR

accession 0001468327-23-000337

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