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The ABL Advisor Deal Tables

Bank of America Agents $500MM Incremental Term Debt Financing for RH
Tuesday, May 17, 2022

Lenders/Participants Bank of America [Administrative Agent]
Structure Term Debt Facility
Amount $500.000 Million
Borrower(s) RH
Description Consistent with the strategy of the original $2.0 billion term debt financing in October, 2021, the additional $500 million represents an attractive cost of capital and provides optionality that will enable RH to be opportunistic in creating long term value for shareholders. The $500 million term debt financing (the “2022 Incremental Term Debt”) was completed by means of a 2022 Incremental Amendment through RH’s subsidiary, Restoration Hardware, Inc. (“RHI”), as the borrower, and Bank of America, N.A. as administrative agent (in such capacity, the “Term Agent”) and lender, amending the Term Loan Credit Agreement, dated as of October 20, 2021 (the “Existing Credit Agreement”; the Existing Credit Agreement as amended by the 2022 Incremental Amendment, the “Amended Credit Agreement”), by and among RHI as the borrower, the lenders party thereto and the Term Agent. The 2022 Incremental Term Debt has a maturity date of October 20, 2028 and bears interest at an annual rate based on the Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% plus an interest rate margin of 3.25% subject to a 0.50% SOFR floor.
Industry Retail
Related Tags Bank of America, Restoration Hardware