Business
Waldencast Announces Entry into $225m Term Loan and Revolving Credit Facilities
NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- Waldencast Acquisition Corp. (NASDAQ: WALD) (“Waldencast”), a special purpose acquisition company, announced that,
About this update from Waldencast Plc
[{"type":"text","content":"NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- Waldencast Acquisition Corp. (NASDAQ: WALD) (“Waldencast”), a special purpose acquisition company, announced that, on June 24, 2022, its wholly-owned subsidiary Waldencast Finco Limited (“Waldencast Finco”) entered into a Credit Agreement (the “Waldencast Credit Agreement”), by and among Waldencast Finco, as the borrower (the “Borrower”), Waldencast Partners LP, as the parent guarantor, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. Credit Suisse AG, New York Branch acted as documentation agent and JPMorgan Chase Bank, N.A., Banco Santander, S.A. and Wells Fargo Securities, LLC acted as joint bookrunners and joint lead arrangers under the Waldencast Credit Agreement. As a result of the entry into the Waldencast Credit Agreement, Waldencast will receive aggregate proceeds of up to approximately $1.02 billion (if no Waldencast shareholders exercise their rights to redeem their shares). This includes, in addition to the $225m debt facility described above, the following previously announced commitments: Forward Purchase Agreements with Burwell Mountain Trust, Dynamo Master Fund (each members of Waldencast Long-Term Capital LLC, Waldencast's sponsor) and Beauty Ventures LLC in the aggregate total amount of $333 million.PIPE commitments with certain PIPE investors in the aggregate total amount of $113 million.Waldencast’s SPAC proceeds of $345 million (if no Waldencast shareholders exercise their right to redeem their shares). Michel Brousset, Waldencast Founder and CEO, said: “We are pleased to enter into a new credit agreement which reflects the strength of our business model, cash flow generation, and ability to generate long term profitable growth. Interest expense associated with the Waldencast Credit Agreement will represent approximately half of the borrowing cost of the Existing Credit Agreements, and accordingly, an encouraging expression of confidence by an outstanding group of first-tier financial institutions. We thank JPMorgan, Banco Santander, Wells Fargo, and Credit Suisse for their support.” The Waldencast Credit Agreement provides for a four-year secured first-lien (i) term loan facility in an aggregate principal amount of $175 million and (ii) revolving loan facility in an aggregate principal amount of up to $50 million (of which an aggre...