Warby Parker Enters Into Credit Agreement to Provide for Revolving Credit Facility
October 10, 2022
Source: Vision Monday
NEW YORK—Warby Parker (NYSE: WRBY) announced via an SEC filing on Oct. 4 that on Sept. 30 Warby Parker, Inc. and Warby Parker Retail, Inc. have entered into a credit agreement with lenders which provides for a revolving credit facility with borrowing capacity up to $100 million at any time outstanding. It also contains an uncommitted accordion feature under which Warby Parker can expand their borrowing capacity by $75 million for maximum borrowings of $175 million, subject to certain conditions.
The credit agreement with Comerica Bank as Administrative Agent, Sole Lead Arranger and Sole Bookrunner, matures on Sept. 30, 2027.
At closing, the announcement said that $4.1 million was drawn under the credit agreement in the form of letters of credit. Proceedings of the borrowings are intended to be used for working capital and other general corporate purposes.
