Emerald Completes Refinancing and Upsizing of $515 Million Term Loan and Revolver Extension
Emerald and a syndicate of lenders and Bank of America, as administrative agent, refinanced the Company’s existing
“This refinancing marks a pivotal milestone in strengthening our financial flexibility and optimizing our capital structure,” said David Doft, Emerald’s Chief Financial Officer. “The improved terms, lower interest rate, and strong demand for the upsized term loan underscore the market's confidence in our business fundamentals and robust free cash flow profile. By enhancing our liquidity and reducing financing costs, this refinancing provides us with greater capacity to accelerate portfolio optimization initiatives, bolster free cash flow, and advance our strategic growth priorities with confidence.”
A portion of the proceeds of the Term Loan Facility were used to refinance all existing loans outstanding under Emerald’s previous senior secured credit facilities, and to pay costs and expenses in connection with the refinancing. The balance of the proceeds of the Term Loan Facilities remain on the balance sheet of Emerald and may be used from time to time for general business purposes, including the financing of acquisitions. The Revolving Credit Facility was not drawn and may be used from time to time for general business purposes, including the financing of acquisitions.
About Emerald
Emerald Holding, Inc. (NYSE: EEX) is the largest
Forward-Looking Statements
The information set forth in this release contains certain forward-looking statements regarding the Company and its subsidiaries, including, without limitation, statements regarding the Company’s ability to continue staging live events and scale its business beyond pre-COVID levels; statements about general economic conditions, or more specifically about the markets in which the Company operates, and the Company’s expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance; the multiple avenues to return to organic growth; expectations regarding interest rates and economic conditions; the Company’s ability to successfully identify and acquire acquisition targets; and the Company’s intention to continue to pay regular quarterly dividends, among others. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Company’s Board of Directors and will depend on a number of factors. The forward-looking statements contained herein are based on management’s current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties outside of the Company’s control that may cause actual results, performance, or achievements to differ materially, and there can be no assurance that the forward-looking statements included herein will prove to be accurate. In addition, even if the Company’s results of operations, financial condition and liquidity, and events in the industry in which it operates, are consistent with the forward-looking statements contained herein, they may not be predictive of results or developments in future periods. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe, “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. For factors that could cause actual results to differ materially from the forward-looking statements included herein, please see the risks and uncertainties identified under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed annual report on Form 10-K for the year ended December 31, 2023, which is available on the Company’s Investor Relations website at investor.emeraldx.com and on the SEC’s EDGAR website at www.sec.gov. The Company disclaims any obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Past results are not indicative of future performance.
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Emerald Holding, Inc.
Investor Relations
investor.relations@emeraldx.com
1-866-339-4688 (866EEXINVT)
Source: Emerald Holding, Inc.