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EveryWare Global Amends ABL Facility; Receives Equity Investment by Monomoy

July 31, 2014, 08:03 AM
Filed Under: Manufacturing

EveryWare Global, Inc. has amended its Term Loan Agreement and ABL Facility. The company also announced that it entered into a Securities Purchase Agreement with Monomoy Capital Partners ("Monomoy"), whereby Monomoy agreed to invest $20 million in return for EveryWare's Series A Senior Redeemable Preferred Stock with a liquidation preference of $21.2 million and warrants to purchase 4,438,005 shares of the Company's common stock.

Sam Solomon, Chief Executive Officer of EveryWare Global stated, "We are pleased to amend our credit agreements and complete the Securities Purchase Agreement. These transactions solve our covenant and liquidity challenges. Now we can focus on taking care of our customers and improving our operations. We appreciate the continued support from our lenders, suppliers, employees, customers and Monomoy."

The Term Loan Amendment provides for, among other things, a waiver of the events of default that occurred as a result of the Borrowers' failure to comply with the consolidated leverage ratio and interest coverage ratio covenants for the fiscal quarters ended March 31, 2014 and June 30, 2014, revised financial covenants through the life of the term loan, a 50 basis point amendment fee and an increase in the term loan interest rate by 200 basis points (25 basis points payable in cash on a monthly basis and 175 basis points payable in kind on a quarterly basis). The Term Loan Amendment also provides that the financial covenants contained in the Term Loan will not be measured until March 31, 2015. In addition, the Term Loan Amendment provides for the issuance of warrants to purchase an aggregate of 2,958,670 shares of the Company's common stock with an exercise price of $0.01 per share to the lenders under the Term Loan Agreement.

The ABL Amendment provides for, among other things, an increase in the maximum revolver amount available under the ABL Facility from $55 million to $60 million.

EveryWare is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico, Latin America, Europe and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. Driven by devotion to design, EveryWare is recognized for providing quality tabletop and kitchen solutions through its consumer, foodservice, specialty and international channels. EveryWare was formed through the merger of Anchor Hocking, LLC and Oneida Ltd. in March of 2012.

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