Groupon amends credit agreement: revolver cut to $150M, covenants eased, $40M drawn

Groupon, Inc.

Revolver reduced from $225M to $150M; additional $40M drawn on closing (Sept 28, 2022).
Max funded debt/EBITDA ratio loosened to 4.50x through June 2023 (from 3.25x); then 4.25x.
Minimum liquidity changed to 100% of accrued merchant & supplier payables (monthly) from 70%.
EBITDA add-back cap increased to $100M for Q3/Q4 2022, stepping down to $60M thereafter.
Interest rate benchmark switched from LIBOR to Term SOFR+10bps; ABR spreads temporarily raised.

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