RideNow closes $220M senior secured term loan; refinances Oaktree debt, in talks for $50M Wells Fargo ABL

RideNow Group, Inc.

$220M senior secured term loan entered Sept 25, 2026 with Centerbridge affiliates and Alter Domus as agent; matures Sept 25, 2031, refinancing existing Oaktree term loan in full.
Term loans pay Base Rate +7.375% or Adjusted Term SOFR (3.00% floor) +8.375%; 24-month non-call with make-whole plus 2.00% premium, then 2.00% until 36 months.
Covenants: Consolidated First Lien Net Leverage Ratio max 4.80:1.00 from first full fiscal quarter after closing, stepping to 3.25:1.00 in Q2 2029; minimum liquidity $15M tested monthly.
Amended/restated unsecured notes total $10.0M ($3,333,334 each) with SH Capital, Mark Tkach, Face Canyon; 13.0% interest (15.0% after maturity), PIK, mature Aug 31, 2028, subordinated.
In advanced talks with Wells Fargo for $50M senior secured ABL revolver at Daily Simple SOFR +2.25%; no binding commitment; proceeds would refinance a portion of term loans and fund working capital.

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