BowFlex uses asset sale proceeds to repay term loan credit agreement

By Sarah Lizee

Olympia, Wash., April 23 – BowFlex Inc. used proceeds from the sale of its assets to stalking horse bidder Johnson Health Tech Retail, Inc. to repay debt under its existing term loan credit agreement dated Nov. 30, 2022 with SLR Credit solutions, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement was terminated following the repayment.

As a reminder, the company entered into a purchase agreement with Johnson Health Tech Retail to serve as the stalking horse bidder to acquire substantially all the assets of the company for $37.5 million in cash, less closing adjustment amounts for accounts receivable, inventory and transfer taxes.

BowFlex is a home exercise equipment company based in Vancouver, Wash. The company filed bankruptcy on March 4 in the U.S. Bankruptcy Court for the District of New Jersey under Chapter 11 case number 24-12364.

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