- European Wax Center Inc EWCZ has priced $400 million of fixed-rate senior secured notes with a fixed interest rate of 5.50% per annum, payable quarterly.
- The anticipated repayment term is five years.
- The notes will be issued by a newly-formed, limited-purpose, bankruptcy-remote indirect subsidiary of European Wax Center, EWC Master Issuer LLC is a privately placed securitization transaction.
- The refinancing transaction is also expected to include a $40 million variable funding note facility.
- The company expects the proceeds to be about $374 million which will be used to repay existing debt and to fund a one-time special dividend to stockholders.
- The transaction is expected to close in April 2022.
- Price Action: EWCZ shares closed lower by 1.36% at $31.19 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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