RCI HOSPITALITY HOLDINGS, INC. (RICK): debt financing — RCI Hospitality subsidiary closes $10M credit line for nightclub acquisitions

RCI HOSPITALITY HOLDINGS, INC.

$10M line from Centennial Bank; initial advance used to buy five nightclubs in Dallas/Ft. Worth and Houston, TX.
Interest-only payments at Prime + 1%; initial 24-month term; converts to $5M revolver after principal repaid to $5M.
Guaranteed by parent RCI Hospitality Holdings and CEO Eric Langan; UCC-1 blanket lien on all business assets.
Non-usage fee of 0.5% applies if average outstanding balance <$3M over prior 12 months.

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

RCI HOSPITALITY HOLDINGS, INC. incurred credit facility of $10 million with Centennial Bank at 1% above the Prime Rate (as published in The Wall Street Journal) maturing March 9, 2025.

Instrument: credit facility
Principal: $10 million
Counterparty: Centennial Bank
Rate: 1% above the Prime Rate (as published in The Wall Street Journal)
Maturity: March 9, 2025
Event: incurrence

Exact text from the filing

On March 9, 2023, RCI Holdings, Inc. (“RCI Holdings”), a wholly owned subsidiary of RCI Hospitality Holdings, Inc. closed a $10 million line of credit with Centennial Bank (the “Loan”).

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RCI HOSPITALITY HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-008115

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