In anticipation of the IPO and debt repayment transactions, the company on Oct. The company’s common shares now trade on the Nasdaq under the ticker symbol RENT.Īccording to disclosures, the company intends to use the proceeds from its IPO to “repay all amounts outstanding under first lien facility” (the “First Lien Repayment”) and to repay “$30 million of outstanding loans under Credit Facility” (the “Second Lien Repayment”), with any remaining net offering proceeds to be used “to fund growth, fund other general corporate purposes, or to pay down additional amounts under the Credit Facility.” 26 was priced at $21 per share, reflecting expected net proceeds of about $327.3 million (or $377.3 million if the underwriters fully exercise their over-allotment option). 4, Rent the Runway filed an S-1 in connection with its planned IPO, which on Oct. (the “Borrower”) and its subsidiaries, and guaranteed by the Borrower’s subsidiaries. Both credit facilities are secured by substantially all assets of the loan parties, including Rent the Runway Inc. The company has a first lien credit facility, comprising a $75 million term loan with Ares Corporate Opportunities Fund V LP (the “Ares Facility”) and a $230 million second lien term loan facility with Double Helix Pte Ltd., an affiliate of Singaporean investment company Temasek Holdings (Private) Ltd., consisting of a $100 million term loan A, a $100 million term loan B and a $30 million term loan C. Founded in 2009, the company gives customers ongoing access to its rentals through its subscription offering and on an a-la-carte basis through its reserve offering. Rent the Runway is an online e-commerce platform that enables customers to rent designer apparel and accessories.
Rent the Runway’s Debt Document Overview, Flexibility Scale
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