Purple Innovation gets $100 million senior secured credit facility

Chicago, Sept. 3 – Purple Innovation, Inc. announced the execution of a new five-year $100 million senior secured credit facility, led by KeyBanc Capital Markets.

The facility consists of a $45 million term loan and a $55 million revolver, according to a press release.

Proceeds from the term loan will be used to retire all debt related to the company’s existing credit agreement.

The borrowing base will be based on the company’s leverage ratio, ranging from Libor plus 300 basis points to Libor plus 375 bps with a 0.5% Libor floor.

The initial borrowing rate is Libor plus 300 bps, 850 bps lower than the company’s previous borrowing rate.

KeyBanc worked as the joint lead arranger and will be the administrative agent.

Funding is being provided through a syndicate including Keybank, Bank of Montreal, Fifth Third Bank, Silicon Valley Bank, Truist, Wells Fargo, Raymond James and Arvest Bank.

Purple designs and manufactures sleep products. The company is based in Lehi, Utah.

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