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PNC Leads $285MM in Credit Facilities for Funko

September 13, 2018, 07:48 AM
Filed Under: Consumer Products

Funko, Inc., a pop culture consumer products company, announced that certain of its subsidiaries entered into a commitment letter on September 7, 2018 with PNC Bank, National Association and PNC Capital Markets LLC for new senior secured credit facilities. Additionally, JPMorgan Chase Bank, N.A. will serve in Joint Lead Arranger and Syndication Agent capacities for the Credit Facilities.  

Under the terms of the commitment letter, the Credit Facilities total $285 million (consisting of a revolving credit facility of $50 million and a term loan of $235 million) and have a maturity of five years from the closing date of the Credit Facilities. Borrowings under the Credit Facilities are anticipated to initially accrue interest at a rate per year equal to, at the Company's option, either (i) LIBOR plus an applicable margin of 3.25%, or (ii) Base Rate plus an applicable margin of 2.25%.

"Over the past several years, Funko has demonstrated to the financial community its ability to execute against its growth strategies leading to increased sales and delivering solid financial results," said Brian Mariotti, Funko's CEO. "We are pleased that this new commitment letter recognizes the continued improvement in our financial strength."

"The new facilities are expected to help us continue to grow our business and result in a meaningful reduction to our annual interest costs," commented Russell Nickel, Funko's CFO.  

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