RideNow refinances $220 million term loan and pursues cheaper credit line

RideNow ($RDNW) has refinanced its existing Oaktree term debt with a $220 million senior secured loan from Centerbridge affiliates. The new financing carries interest at adjusted Term SOFR plus 8.375 percentage points and matures in September 2031. Proceeds fully repaid the previous facility, replacing a near-term refinancing problem with a longer maturity profile rather than creating an equivalent amount of unrestricted new cash.

The powersports retailer is also in advanced discussions with Wells Fargo over a proposed $50 million asset-based facility. Its expected pricing is daily simple SOFR plus 2.25 percentage points, with part of any proceeds intended to reduce the more expensive term loan. That second facility has not been finalized, so its prospective cost savings and extra flexibility should not be treated as achieved.

Sources:

• RideNow company release via PR Newswire / StockTitan