RideNow Group Announces $220 Million Refinancing Deal with Centerbridge Partners
RideNow Group, Inc. (NASDAQ: RDNW) has secured a new $220 million senior secured term loan from affiliates of Centerbridge Partners to refinance its existing debt with Oaktree Fund Administration. The refinancing extends the maturity date to September 25, 2031 and is intended to enhance financial flexibility by reducing near-term risks. In addition, RideNow is in advanced discussions for a $50 million asset-backed lending (ABL) facility with Wells Fargo Bank that could further optimize its capital structure. The ABL facility would be secured against working capital assets and inventory and potentially replace the company's current used floorplan financing arrangement with Wells Fargo. The proposed ABL borrowings are expected to carry a lower interest rate, which may allow RideNow to pay down part of the new term loan balance while improving its debt cost efficiency. The refinancing follows recent operational developments including the adoption of an FTC-compliant pricing model and a tuck-in acquisition in Tallahassee. The company emphasized that these actions are part of broader efforts to strengthen financial stability and drive long-term growth.
Topics: capital structure optimization debt refinancing term loan agreement