RideNow Group Closes $220M Term Loan, Eyes $50M ABL Deal
RideNow Group refinances $220M in senior secured debt through 2031 and is in advanced talks for an additional $50M asset-backed lending facility.
RideNow Group, Inc. (NASDAQ: RDNW) announced Monday it has finalized a $220 million senior secured term loan refinancing with affiliates of Centerbridge Partners, L.P., extending the company's debt maturity to 2031 and restructuring its capital base as the powersports retailer looks to strengthen its financial footing.
The Chandler, Arizona-based company said the new term loan credit agreement replaces existing debt obligations and is designed to optimize the company's capital structure. By pushing the maturity horizon to 2031, RideNow gains additional runway to execute on its operational strategy without near-term refinancing pressure — a meaningful consideration in a retail environment that has faced headwinds from elevated interest rates and shifting consumer demand.
Read more Cosmos Links Banks to Swift Blockchain Ledger for Round-the-Clock Payments →
In addition to the completed term loan, RideNow disclosed it is in advanced discussions to secure a $50 million asset-backed lending facility. ABL arrangements of this type are typically collateralized against inventory, receivables, or other tangible assets, offering revolving liquidity that complements longer-dated term financing. The company has not yet announced a closing date or final terms for the ABL deal.
Centerbridge Partners, a private investment firm with experience in credit and private equity, is the lead counterparty on the term loan transaction. The involvement of an institutional credit partner of that profile suggests confidence in RideNow's underlying asset base and cash flow profile, though the company did not disclose pricing terms or the interest rate on the new facility.
Continue reading at All Financial Services & Investing.
