Funko amended its current credit facility to reduce the interest rates on the company’s term loan A and revolving credit facility by 75 basis points and increased the borrowing base by $20 million.
The company used $13 million of excess availability under the revolving credit facility to pay down its term loan A balance to further reduce interest expense going forward. As part of this amendment, there is a 1% prepayment premium on payments under both the term loan A facility and the revolving credit facility for 180 days after the amendment effective date.
According to a related 8-K filing, PNC Bank served as administrative agent for the transaction. Cerberus Business Finance was collateral agent.
Everett, WA-based Funko is a pop-culture products company.
