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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Comerica Bank Agents $100MM Revolving Credit Facility for Warby Parker
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Lenders/Participants
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Comerica Bank [Administrative Agent, Sole Lead Arranger, Sole Bookrunner]
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Structure
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Revolving Credit Facility
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Amount
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$100.000
Million
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Borrower(s)
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Warby Parker
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Description
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The Credit Agreement provides for a revolving credit facility with borrowing capacity up to $100,000,000 at any time outstanding. The Credit Agreement also contains an uncommitted accordion feature pursuant to which the Borrowers can expand their borrowing capacity by $75,000,000 for maximum borrowings of $175,000,000, subject to certain conditions. The Credit Agreement matures on September 30, 2027 (the “Maturity Date”), and the Borrowers may borrow, repay and reborrow amounts under the revolving credit facility until the Maturity Date. At closing, approximately $4.1 million was drawn under the Credit Agreement in the form of letters of credit. Proceeds of the borrowings under the Credit Agreement are intended to be used for working capital and other general corporate purposes in the ordinary course of business. Borrowings under the Credit Agreement are secured and will bear interest at a rate equal to, at the Borrowers’ option, either (a) a base rate determined by reference to the highest of (i) the federal funds rate plus 1.00% per annum, (ii) the rate last announced by the Agent as its prime rate and (iii) the Bloomberg Short-Term Bank Yield Index rate (“BSBY Rate”) for a one month tenor on such date plus 1.00% per annum, in each case, plus an applicable margin of 0.50-0.80% per annum; or (b) the BSBY Rate for the applicable interest period plus an applicable margin of 1.50-1.80% per annum. The applicable margin shall be determined based on the Borrowers’ consolidated senior net leverage ratio, and in no event shall the applicable interest rate be lower than the floor specified in the Credit Agreement. In addition, the Credit Agreement requires the Borrowers to pay a facility fee of 0.15% per annum in respect of the aggregate commitments under the Credit Agreement.
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Industry
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Retail
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| Related Tags |
Comerica Bank, Warby Parker
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ABL Advisor
Deal Tables
2025
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