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Instant Brands Obtains Commitment for Additional Financing from Lenders

August 11, 2023, 07:20 AM
Filed Under: Consumer Products

Instant Brands (the "Company"), maker of consumer favorites like Instant Pot®, Corelle®, Pyrex®, Snapware®, CorningWare®, Visions® and Chicago Cutlery®, received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the term loan credit facility received by the Company to $162.5 million. This additional term loan financing, along with the existing $125 million ABL financing and cash generated from the Company's operations, is expected to provide liquidity to fund operations.

"We are making important progress in our court-supervised process, and the commitment for additional financing reflects our lenders' confidence in our business and our ability to achieve a successful outcome," said Ben Gadbois, President and CEO of Instant Brands. "We remain focused on ensuring the continued success of our great brands for all of our consumers around the world. We thank our great employees across the globe, as well as our suppliers, retailers, financing partners and all of our advisors for their continued support for Instant Brands."

Instant Brands remains committed to its purpose: providing innovative products that deliver amazing culinary experiences to consumers around the world. In addition, the official Instant Brands Connect app will continue to inspire and help consumers make meals with ease.

Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners is serving as restructuring advisor.

Previously posted on ABL Advisor:
Instant Brands Receives Approval for DIP Financing Facilities from Existing Lenders


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