Upbound Group Inc.
08/19/2025 | Press release | Distributed by Public on 08/19/2025 14:33
Material Agreement (Form 8-K)
Item 1.01 Entry Into a Material Definitive Agreement.
On August 19, 2025 (the "Closing Date"), Upbound Group, Inc., a Delaware corporation (the "Borrower"), and certain other subsidiaries of the Borrower entered into an amendment (the "Amendment") of its Term Loan Credit Agreement, dated as of February 17, 2021 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of September 21, 2021, as amended by the Second Amendment to Term Loan Credit Agreement, dated as of June 15, 2023, as amended by the Third Amendment to Term Loan Credit Agreement, dated as of May 28, 2024 and as further amended by the Amendment, the "Credit Agreement"), among the Borrower, the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the "Agent").
The Amendment, in addition to certain other changes, (i) extends the maturity date for the loans outstanding under the Credit Agreement to August 19, 2032 (subject to certain springing maturity provisions) and (ii) provides approximately $77 million of incremental commitments under the Credit Agreement, all of which were drawn on the Closing Date, resulting in total aggregate borrowings under the Credit Agreement on such date of $875 million. The Borrower intends to use the proceeds of the incremental borrowings on the Closing Date to pay fees and expenses in connection with the Amendment and for working capital and other general corporate purposes, which may include the repayment of a portion of the outstanding loans under the Borrower's revolving credit facility. Capitalized terms used in this Item 1.01 but not otherwise defined herein have the meanings assigned to them in the Credit Agreement.
The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.
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