Driven Brands repays first-lien, second-lien credit agreements

By Taylor Fox

New York, Jan. 21 – Driven Brands Holdings Inc. repaid in full its outstanding first-lien credit agreement by and among Shine Holdco III Ltd., Shine Acquisition Co Ltd., Shine Acquisition Co. Sarl and Boing US Holdco, Inc. and a second-lien credit agreement by and among Shine Holdco III, Shine Bidco and the Car Wash borrowers, according to an 8-K filing with the Securities and Exchange Commission.

The first-lien credit agreement consisted of a $545 million term loan and a $75 million revolving credit commitment.

The second-lien credit agreement consisted of a $175 million term loan.

Driven Brands also completed the initial public offering of its common stock.

The company sold 31,818,182 shares of common stock at $20.79 per share.

The proceeds from the offering together with cash on hand was used to repay in full the outstanding debt under the credit agreements.

Goldman Sachs is the administrative agent.

Driven Brands is a Charlotte, N.C.-based franchisor in the automotive aftermarket services industry.

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