RCI HOSPITALITY HOLDINGS, INC. (RICK): debt financing — RCI Hospitality subsidiary enters $20M term loan with Centennial Bank at 8.25% fixed for 5 years

RCI HOSPITALITY HOLDINGS, INC.

$20 million term loan, 10-year maturity; interest fixed at 8.25% for first 5 years then adjusts to UST+362 bps (floor 6.50%).
Monthly payments of $170,407.64 based on 20-year amortization; prepayment penalty 5% to 2% over first 8 years.
Loan secured by 9 real estate properties; guaranteed by parent RCI Hospitality Holdings and CEO Eric Langan.
Covenants require minimum $25M tangible net worth; dividends capped at $0.04/quarter unless debt service coverage <1.40x for 3 quarters (then suspended).
Proceeds used for working capital; Centennial Bank receives right of first refusal on future real estate financings of RCI Holdings.

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 term loan of $20.0 million with Centennial Bank at 8.25% maturing April 30, 2034.

Instrument: term loan
Principal: $20.0 million
Counterparty: Centennial Bank
Rate: 8.25%
Maturity: April 30, 2034
Event: incurrence

Exact text from the filing

our wholly-owned subsidiary RCI Holdings, Inc. ("RCI Holdings") entered into and closed a term loan with Centennial Bank for $20.0 million (the "Loan").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RCI HOSPITALITY HOLDINGS, INC. entered into Loan Agreement with Centennial Bank valued at $20.0 million (effective 2024-04-30).

Action: entry
Agreement: credit facility
Counterparty: Centennial Bank
Value: $20.0 million
Effective: 2024-04-30

Exact text from the filing

On April 30, 2024, our wholly-owned subsidiary RCI Holdings, Inc. (“RCI Holdings”) entered into and closed a term loan with Centennial Bank for $20.0 million (the “Loan”).

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

RCI HOSPITALITY HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001628280-24-020288

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