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Playboy Owner PLBY Group Makes $70M Debt Paydown – PLBY Group (NASDAQ:PLBY) – Stocks to Watch
  • Fri. May 17th, 2024
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Playboy Owner PLBY Group Makes $70M Debt Paydown – PLBY Group (NASDAQ:PLBY)

ByShivani Kumaresan

Feb 21, 2023
Playboy Owner PLBY Group Makes $70M Debt Paydown - PLBY Group (NASDAQ:PLBY)

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  • Playboy owner PLBY Group Inc PLBY said it has successfully amended its senior secured credit agreement and has made prepayments under the Credit Agreement in the aggregate amount of $70 million.

  • This has resulted 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 to repay debt.

  • Also Readb: Playboy Spirits JV Closes Over $13M In Funding

  • 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 about $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 CEO Ben Kohn.

  • Price Action: PLBY shares are trading lower by 1.28% at $2.32 on the last check Tuesday.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Shivani Kumaresan

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