Daily News: August 9, 2018

BofA, FS/KKR Support Sequential Brands Debt Refi

Sequential Brands Group entered into an amended credit agreement with its existing lenders, led by Bank of America and certain funds managed by FS/KKR Advisor.

This debt refinancing extended the first lien debt maturities to 2023 and the second lien to 2024. It also improved the overall capital structure by shifting over $100 million of debt into the first lien credit facility, reducing the weighted average interest rate.

“We’re pleased with our second quarter results and the solid performance of our core brands,” said Karen Murray, CEO of Sequential Brands. “The completion of our refinance strengthens our capital structure as we focus on executing on our growth strategy. We thank our lenders for their ongoing support.”

Sequential Brands owns, promotes, markets, and licenses a portfolio of consumer brands in the home, active and fashion categories. It licenses its brands in a variety of consumer categories to retailers, wholesalers and distributors in both the U.S. and around the world.