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Xponential adds $130 million term loan to MSD Partners facility
Chicago, Jan. 9 – Xponential Fitness, Inc. added a $130 million incremental term loan to its existing financing agreement from April 19, 2021, according to an 8-K filing with the Securities and Exchange Commission.
The term loan, amended on Monday, is with lenders that include MSD Partners and lists Wilmington Trust, NA as the administrative agent and collateral agent.
The amendments increased the quarterly amortization payments that start on June 30 and amended the prepayment premium.
Proceeds from the incremental term loan will be used to fund repurchase transactions, namely privately negotiated repurchase transactions with certain holders of the company’s outstanding 6.5% series A convertible preferred stock and 6.5% series A-1 convertible preferred stock.
The company will be buying 42,241 shares of the series A preferred stock and 43,099 shares of the series A-1 preferred stock, leaving 56,759 of the series A preferreds outstanding and 57,901 shares of the A-1 preferred stock. Both series were issued in private financing arrangements.
Xponential Fitness is structured as an umbrella partnership C-corporation based in Irvine, Calif. The company is a fitness franchise group.
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