RideNow Group Refinances $220M Term Loan, Eyes $50M ABL Deal
RideNow Group secured a $220M term loan through Centerbridge Partners, extending debt maturity to 2031 and restructuring its capital base.
RideNow Group, Inc. (NASDAQ: RDNW) announced Monday it has completed a $220 million senior secured term loan refinancing through affiliates of Centerbridge Partners, L.P., a move the Chandler, Arizona-based powersports retailer said extends its debt maturity profile out to 2031 and optimizes its overall capital structure.
The company said it is also in advanced discussions to establish a separate $50 million asset-backed lending facility, which would provide additional liquidity headroom alongside the newly refinanced term loan. An ABL facility of that size typically allows a borrower to draw against eligible inventory and receivables, giving management flexible access to working capital without triggering fixed repayment schedules.
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Refinancing activity of this nature is broadly viewed as a balance sheet housekeeping measure, allowing companies to push near-term maturities further into the future and potentially negotiate more favorable covenant or pricing terms — though RideNow did not disclose the specific interest rate or spread on the new credit agreement in its announcement.
The transaction underscores ongoing activity in the leveraged lending market even as borrowing costs remain elevated relative to pre-2022 levels. Private credit firms such as Centerbridge have stepped in aggressively to fill space once dominated by traditional bank syndicates, particularly for mid-market companies in consumer-facing sectors like powersports retail.
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