Business
PLBY Group Announces $70 Million Debt Paydown
LOS ANGELES, Feb. 21, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (the “Company”), a leading pleasure and leisure lifestyle company and owner of
About this update from Playboy, Inc.
[{"type":"text","content":"LOS ANGELES, Feb. 21, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, announced today that it successfully amended its senior secured credit agreement (the “Credit Agreement”) and has made prepayments under the Credit Agreement in the aggregate amount of $70 million, resulting in the Company securing a waiver of applicable net leverage ratio covenants through the second quarter of 2024. The Company used $45 million of the proceeds from its previously announced $65 million capital raise for repayment of senior debt under the Credit Agreement. With such repayment, along with the $25 million repaid in December 2022, the Company has repaid $70 million of the senior debt in the past three months. The Company’s current outstanding senior debt under the Credit Agreement is approximately $157 million. “With the paydown of our debt and the additional proceeds from our recent capital raise, we have reduced the cash burden of our debt and given ourselves increased flexibility to continue to improve our capital structure,” said the Company’s Chief Executive Officer Ben Kohn. “We plan to continue to reduce costs and move to a more capital-light model while also continuing to invest in the growth areas of our business.” Additional details regarding the Credit Agreement amendment will be timely filed with the Securities and Exchange Commission by the Company on a Current Report on Form 8-K. About PLBY Group, Inc.PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, driving billions of dollars annually in global consumer spending with products and content available in approximately 180 countries. PLBY Group’s mission — to create a culture where all people can pursue pleasure — builds upon almost seven decades of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Forward-Looking StatementsThis press release includes “forward-look...