Repay Holdings Secures $300M Credit Facility, Extends Debt Maturities

TL;DR

Repay just got a $300M credit line and pushed out debt maturities. Big refinancing win.

AI Summary

On July 10, 2024, Repay Holdings Corporation entered into a new credit agreement, establishing a $300 million revolving credit facility. This facility replaces their previous $150 million revolving credit facility and is set to mature on July 10, 2029. The company also amended its existing term loan facility, extending its maturity date to July 10, 2031.

Why It Matters

This refinancing provides Repay Holdings with increased liquidity and extends its debt obligations, potentially improving its financial flexibility and reducing near-term refinancing risk.

Risk Assessment

Risk Level: low — The filing details a routine refinancing of existing debt, which is generally a positive or neutral event for a company.

Key Numbers

• $300M — New Revolving Credit Facility (Increases liquidity and financial flexibility.)
• $150M — Previous Revolving Credit Facility (Replaced by the new, larger facility.)
• 2029 — New Revolving Credit Facility Maturity (Provides a longer runway for this debt.)
• 2031 — Term Loan Facility Maturity (Extends the maturity of existing term debt.)

Key Players & Entities

• Repay Holdings Corporation (company) — The company filing the report and entering into the credit agreement.
• $300 million (dollar_amount) — The size of the new revolving credit facility.
• $150 million (dollar_amount) — The size of the previous revolving credit facility.
• July 10, 2029 (date) — The maturity date of the new revolving credit facility.
• July 10, 2031 (date) — The extended maturity date of the term loan facility.
• Thunder Bridge Acquisition Ltd (company) — Former name of Repay Holdings Corporation.

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share RPAY The Nasdaq Stock Mar
• $185.0 million — ty in the aggregate principal amount of $185.0 million. The Amended Credit Agreement establi
• $250.0 million — Amended Credit Agreement establishes a $250.0 million senior secured revolving credit facilit
• $86.0 million — tments not to exceed the greater of (x) $86.0 million and (y) 65% of the consolidated EBITDA

Filing Documents

• rpay-20240710.htm (8-K) — 52KB
• rpay-ex10_1.htm (EX-10.1) — 1477KB
• rpay-ex99_1.htm (EX-99.1) — 10KB
• 0000950170-24-082963.txt ( ) — 1879KB
• rpay-20240710.xsd (EX-101.SCH) — 24KB
• rpay-20240710_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 10, 2024 (the "Closing Date"), Repay Holdings Corporation (the "Company") and certain of its subsidiaries entered into a Second Amended and Restated Revolving Credit Agreement (the "Amended Credit Agreement") with certain financial institutions, as lenders, and Truist Bank, as administrative agent. The Amended Credit Agreement amends and restates the Amended and Restated Revolving Credit Agreement (the "Prior Credit Agreement"), dated as of February 3, 2021 (as amended, supplemented and/or modified from time to time prior to the effectiveness of the Amended Credit Agreement), by and among certain subsidiaries of the Company, financial institutions parties thereto as lenders, and Truist Bank, as administrative agent. The Prior Credit Agreement consisted of a senior secured revolving credit facility in the aggregate principal amount of $185.0 million. The Amended Credit Agreement establishes a $250.0 million senior secured revolving credit facility (the "Facility") in favor of Hawk Parent Holdings LLC ("Hawk Parent"), which is a subsidiary of the Company. The Facility is guaranteed by the Company and certain of its subsidiaries. The Facility is secured by a first priority security interest in substantially all tangible and intangible property of the Company and certain of its subsidiaries. The Amended Credit Agreement permits Hawk Parent to increase the principal amount of the Facility subject to lender commitments and other restrictions and conditions. The Facility matures on the earlier of (a) the fifth anniversary of the Closing Date, (b) the date that is 91 days prior to the maturity date of the Company's 0.00% Convertible Senior Notes due 2026 (subject to certain exceptions for adequate liquidity) and (c) the date that is 91 days prior to the maturity date of the Company's 2.875% Convertible Senior Notes due 2029 (subject to certain exceptions for adequate liquidity). The maturity date may be e

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On July 10, 2024, the Company issued a press release announcing the entry into the Amended Credit Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 7.01. As provided in General Instruction B.2 of Form 8-K, the information and exhibit contained in this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 * Second Amended and Restated Revolving Credit Agreement, dated July 10, 2024, by and among Repay Holdings Corporation, Hawk Parent Holdings LLC, Truist Bank, as Administrative Agent, and the other parties thereto 99.1 * Press release issued July 10, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Filed herewith

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Repay Holdings Corporation Date: July 11, 2024 By: /s/ Tyler B. Dempsey Tyler B. Dempsey Genereal Counsel

View Full Filing

View this 8-K filing on SEC EDGAR