RumbleOn sells $17M finance receivable portfolio; uses net proceeds to reduce Oaktree debt

RideNow Group, Inc.

Sold portfolio of retail installment sales contracts and vehicle loans to Clear Haven 2021 Trust for aggregate $17 million.
Net cash proceeds of approximately $3 million after satisfying secured indebtedness, expenses, commissions, and fees.
Proceeds plus available cash collections and formerly restricted cash used to reduce outstanding debt under Oaktree Term Loan Credit Agreement.

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

RideNow Group, Inc. entered into Purchase Agreement with Clear Haven 2021 Trust valued at aggregate purchase price of $17.0 million (effective 2023-12-29).

Action: entry
Agreement: asset purchase
Counterparty: Clear Haven 2021 Trust
Value: aggregate purchase price of $17.0 million
Effective: 2023-12-29

Exact text from the filing

On December 29, 2023, RumbleOn, Inc. (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) by and among the Company, its subsidiaries RumbleOn Finance, LLC and ROF SPV I, LLC (together, the “Subsidiaries”) and Clear Haven 2021 Trust, a Delaware statutory trust (“Buyer”).

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

RideNow Group, Inc. filing history →

Source: SEC EDGAR

accession 0001596961-24-000002

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