Honest Company, Inc. (HNST): debt financing — The Honest Company enters $35M revolving credit facility, terminates prior facility

Honest Company, Inc.

New $35M asset-based revolving credit facility with JPMorgan, matures April 30, 2026.
Includes $15M letter of credit subfacility; $4.8M in letters of credit outstanding.
Interest at Adjusted Term SOFR plus 1.50%-2.25% or CB floating rate minus 0.25%-0.50%.
No borrowings outstanding as of Jan 27, 2023; prior $35M 2021 facility terminated.
Availability subject to borrowing base; includes $10M availability block initially.

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

Honest Company, Inc. incurred revolving credit of $35.0 million revolving credit facility with JPMorgan Chase Bank, N.A. at Adjusted Term SOFR Rate (subject to a 0.00% floor), plus a margin ranging from 1 maturing April 30, 2026.

Instrument: revolving credit
Principal: $35.0 million revolving credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Adjusted Term SOFR Rate (subject to a 0.00% floor), plus a margin ranging from 1
Maturity: April 30, 2026
Event: incurrence

Exact text from the filing

On January 25, 2023, The Honest Company, Inc. (the “Company” ) entered into a first lien credit agreement (the “2023 Credit Facility”), with JPMorgan Chase Bank, N.A., as administrative agent and lender, and the other lenders party thereto, which provides for a $35.0 million revolving credit facility maturing on April 30, 2026 .

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Honest Company, Inc. entered into 2023 Credit Facility with JPMorgan Chase Bank, N.A. valued at $35.0 million revolving credit facility (effective 2023-01-25).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $35.0 million revolving credit facility
Effective: 2023-01-25

Exact text from the filing

On January 25, 2023, The Honest Company, Inc. (the "Company" ) entered into a first lien credit agreement (the "2023 Credit Facility"), with JPMorgan Chase Bank, N.A., as administrative agent and lender, and the other lenders party thereto, which provides for a $35.0 million revolving credit facility maturing on April 30, 2026 .

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Honest Company, Inc. terminated 2021 Credit Facility with JPMorgan Chase Bank, N.A. valued at Terminated upon entry into the 2023 Credit Facility (effective 2023-01-25).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: Terminated upon entry into the 2023 Credit Facility
Effective: 2023-01-25

Exact text from the filing

On January 25, 2023, u pon entry into the 2023 Credit Facility, the Company’s existing first lien credit agreement (the "2021 Credit Facility"), dated as of April 30, 2021, with JPMorgan Chase Bank, N.A., as administrative agent and lender, and the other lenders party thereto was terminated.

View on SEC.gov

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

Honest Company, Inc. filing history →

Source: SEC EDGAR

accession 0001530979-23-000013

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