Lulu’s Fashion Lounge Holdings entered into a Loan and Security Agreement with White Oak Commercial Finance as Administrative Agent, and the lenders party thereto (the “2025 Credit Agreement”). The 2025 Credit Agreement is comprised of an asset-based revolving credit facility with a $20 million commitment, a $5 million uncommitted accordion and a $1 million sublimit for letters of credit. The 2025 Credit Agreement matures on August 14, 2028.  

“We’re pleased to partner with White Oak on this financing agreement, which strengthens our liquidity position and provides Lulus with the financial flexibility to continue executing against our strategic priorities,” said Crystal Landsem, CEO and Interim CFO of Lulus. “We remain focused on achieving our sustainable growth objectives, delivering attainable luxury for our customers, and driving value for our shareholders.”

The initial funding of the 2025 Credit Agreement will occur today, and the proceeds will be used in part to repay approximately $6 million outstanding under the Company’s amended credit agreement with Bank of America (the “2021 Credit Agreement”). Effective the date of this press release, and inclusive of the repayment to Bank of America, the Company will have $10 million of outstanding borrowings under the 2025 Credit Agreement.

In connection with entering into the 2025 Credit Agreement, the Company will repay and fulfill all outstanding obligations to Bank of America under the 2021 Credit Agreement.