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Waldencast signs for $50 million revolver, $175 million term loan
By Mary-Katherine Stinson
Lexington, Ky., June 27 – Waldencast Finco Ltd. a wholly owned subsidiary of Waldencast Acquisition Corp., entered into a credit agreement providing a $175 million four-year secured first-lien term loan facility and a revolving loan facility of up to $50 million on Friday, according to a press release Monday and an 8-K filing with the Securities and Exchange Commission.
Up to $7.5 million of the revolving facility will be available, at Waldencast’s option, to be drawn in the form of letters of credit.
Interest will be at SOFR plus 350 basis points.
The commitment fee is 50 bps.
JPMorgan Chase Bank, NA is the administrative agent.
Credit Suisse AG, New York Branch acted as the documentation agent.
JPMorgan Chase Bank, NA, Banco Santander, SA and Wells Fargo Securities, LLC were joint bookrunners and joint lead arrangers.
Waldencast Partners LP is the parent guarantor.
Proceeds may be used to pay the cash consideration due to the equity holders of Milk Makeup and Obagi Skin Care upon consummation of the previously announced agreement and merger plan dated Nov. 15, 2021, to repay in full and terminate existing credit agreements and to fund working capital needs or other general corporate purposes.
The company’s other previously announced commitments include $333 million in forward purchase agreements, $113 million in PIPE commitments with certain PIPE investors and SPAC proceeds of $345 million if no shareholders exercise their redemption rights.
New York City-based Waldencast is a special purpose acquisition company and investment fund that incubates and accelerates early-stage beauty and wellness brands.
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