- Functions company F45 Training Holdings ( NYSE: FXLV ) has closed new $90M subordinated debt facility, appointed chairman and updated on the unsolicited proposal from Kennedy Lewis.
- The new facility has a five-and-a-half-year term.
- The debt was provided by a consortium of existing investors, led by affiliates of Kennedy Lewis Management.
- Additionally, Board Member Gene Davis was appointed chairman.
- Also, four new independent directors, Timothy Bernlohr, Lisa Gavales, Steven Scheiwe and Ray Wallander, were appointed to the board.
- The new directors replace Angelo Demasi, Vanessa Douglas, and Lee Wallace, who resigned at the closing of the transaction.
- Also, Bob Madore was named interim CFO.
- Madore has most recently served as CFO of The Cronos Group.
- The net proceeds will be used for, among other things, general corporate purposes and a partial paydown of an existing senior secured revolving credit facility.
- And, the company said that in connection with the unsolicited proposal from Kennedy Lewis, FXLV has paused its review and evaluation as the board focused on securing this financing to address liquidity needs.
- The company has not received anything further from Kennedy Lewis with respect to its prior proposal or a revised proposal.
- Source: Press Release
For further details see:
F45 Training closes $90M debt facility, appoints chairman, updates on unsolicited offer