Peloton Interactive (PTON) has issued an announcement.
Peloton Interactive has secured a major financial boost with the amendment and restatement of its credit agreement on May 30, 2024, establishing a $1.0 billion term loan and a $100 million revolving credit facility, both set to mature in 2029. The agreement, involving top financial institutions like JPMorgan and Goldman Sachs, offers a flexible interest rate structure tied to the company’s leverage ratio and includes stringent covenants restricting Peloton’s financial and operational activities. This strategic move, aimed at strengthening Peloton’s financial standing, was announced alongside the closing of a comprehensive refinancing plan.
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