Funko closes on $280 million of new five-year credit facilities

Chicago, Sept. 22 – Funko, Inc. announced that several of its subsidiaries closed on $280 million of new five-year credit facilities, according to an 8-K filing with the Securities and Exchange Commission.

The credit facilities consist of a $180 million term loan and a $100 million revolver.

Proceeds from the facilities will be used to repay existing credit facilities.

Both facilities mature on Sept. 17, 2026.

The term loan amortizes in quarterly 2.5% installments, starting Dec. 31.

Interest will be 250 basis points over Libor, or the relevant local benchmark rate depending on the currency borrowed. There is a 0% floor.

Interest can range from Libor plus 200 bps to 250 bps. The commitment fee moves between 20 bps and 30 bps.

The commitment fee and the interest rate are based on the net leverage ratio.

Borrowings may be increased up to $100 million.

JPMorgan Chase Bank, NA is the administrative agent.

PNC Bank, NA, Keybank NA and Bank of the West are the syndication agents.

Citizens Bank, NA, Bank of the West and HSBC Bank USA, NA are the co-documentation agents.

JPMorgan Chase Bank, NA, PNC Capital Markets LLC and Keybank NA are the joint bookrunners and joint lead arrangers.

Funko Acquisition Holdings, LLC, Funko Holdings LLC, Funko, LLC, Loungefly, LLC and Funko Games, LLC are the borrowers.

Funko is an Everett, Wash.-based company that manufactures licensed pop culture toys.

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