NetworkNewsBreaks – Mohawk Group Holdings Inc. (
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Posted On: 04/09/2021 3:43:39 PM
NetworkNewsBreaks – Mohawk Group Holdings Inc. (NASDAQ: MWK) Closes Debt Refinancing as 1st Step in Optimizing Capital Structure
Mohawk Group Holdings (NASDAQ: MWK) today announced that it has closed the refinancing of all of its previously outstanding debt, including two senior secured notes and its revolver credit facility. The company previously announced its intent to refinance its outstanding debt on March 8, 2021. In accordance with the refinancing, Mohawk issued senior secured promissory notes in an aggregate principal amount of $110.0 million to two affiliated institutional lenders for a cash payment to Mohawk of $57.7 million and the exchange of two senior secured promissory notes with an aggregate principal amount of $52.3 million previously issued to the institutional lenders. The company used $14.8 million of the net proceeds to repay all amounts owed under its amended and restated credit and security agreement with MidCap Funding X Trust. “This refinancing is the first step in optimizing our capital structure to execute on our accretive M&A strategy,” said Yaniv Sarig, Mohawk’s co-founder and chief executive officer. “We remain focused on advancing on our strong pipeline of potential M&A targets, including our previously announced anticipated acquisition of Photo Paper Direct.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mohawk Group Holdings (NASDAQ: MWK) today announced that it has closed the refinancing of all of its previously outstanding debt, including two senior secured notes and its revolver credit facility. The company previously announced its intent to refinance its outstanding debt on March 8, 2021. In accordance with the refinancing, Mohawk issued senior secured promissory notes in an aggregate principal amount of $110.0 million to two affiliated institutional lenders for a cash payment to Mohawk of $57.7 million and the exchange of two senior secured promissory notes with an aggregate principal amount of $52.3 million previously issued to the institutional lenders. The company used $14.8 million of the net proceeds to repay all amounts owed under its amended and restated credit and security agreement with MidCap Funding X Trust. “This refinancing is the first step in optimizing our capital structure to execute on our accretive M&A strategy,” said Yaniv Sarig, Mohawk’s co-founder and chief executive officer. “We remain focused on advancing on our strong pipeline of potential M&A targets, including our previously announced anticipated acquisition of Photo Paper Direct.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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