RideNow Group secures $220 million senior secured term loan from Centerbridge affiliates
RDNW•RideNow Group entered a $220 million senior secured term loan agreement with Centerbridge affiliates, refinancing and terminating its prior 2021 loan on Sept. 25, 2026. The new loans mature Sept. 25, 2031, with pricing of base rate plus 7.375% or adjusted term SOFR plus 8.375%.
1. Loan terms
The term loans are guaranteed by certain subsidiaries and secured by first-priority liens on substantially all assets, with floor plan carve-outs. The agreement includes a leverage covenant that steps down to 3.25x by the second quarter of 2029 and requires at least $15 million in minimum liquidity.
