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August 10, 2023
Source: PR Newswire
DOWNERS GROVE, Ill., Aug. 9, 2023 /PRNewswire/ -- Instant Brands (the "Company"), maker of consumer favorites like Instant Pot®, Corelle®, Pyrex®, Snapware®, CorningWare®, Visions® and Chicago Cutlery®, today announced that it has received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the term loan credit facility received by the Company to $162.5 million. This additional term loan financing, along with the existing $125 million ABL financing and cash generated from the Company's operations, is expected to provide liquidity to fund operations.
"We are making important progress in our court-supervised process, and the commitment for additional financing reflects our lenders' confidence in our business and our ability to achieve a successful outcome," said Ben Gadbois, President and CEO of Instant Brands. "We remain focused on ensuring the continued success of our great brands for all of our consumers around the world. We thank our great employees across the globe, as well as our suppliers, retailers, financing partners and all of our advisors for their continued support for Instant Brands."
Instant Brands remains committed to its purpose: providing innovative products that deliver amazing culinary experiences to consumers around the world. In addition, the official Instant Brands Connect app will continue to inspire and help consumers make meals with ease.
Additional information regarding the Company's court-supervised process is available at Instant Brands' restructuring website, InstantBrandsRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Epiq, at https://dm.epiq11.com/InstantBrands, by calling Epiq toll-free at (888) 290-5211 (or (503) 694-4156 for calls originating outside of the U.S.), or by sending an email to InstantBrandsInfo@epiqglobal.com.
Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners is serving as restructuring advisor.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant®, Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, ZOID® and Visions®. With people-first and purpose-driven solutions in mind, Instant Brands is reimagining how people live, eat, connect, and play inside the home—and in the spaces where people gather. The Company is headquartered in Downers Grove, Ill., and employs more than 2,000 people across four continents. Today, Instant Brands' products are in millions of homes worldwide. For more information visit Instant Brands or join the community at LinkedIn, Instagram, and Facebook.
Media Contact
media@instantbrands.com
or
Aaron Palash / Rachel Goldman
Joele Frank Wilkinson Brimmer Katcher
212-355-4449
"We are making important progress in our court-supervised process, and the commitment for additional financing reflects our lenders' confidence in our business and our ability to achieve a successful outcome," said Ben Gadbois, President and CEO of Instant Brands. "We remain focused on ensuring the continued success of our great brands for all of our consumers around the world. We thank our great employees across the globe, as well as our suppliers, retailers, financing partners and all of our advisors for their continued support for Instant Brands."
Instant Brands remains committed to its purpose: providing innovative products that deliver amazing culinary experiences to consumers around the world. In addition, the official Instant Brands Connect app will continue to inspire and help consumers make meals with ease.
Additional information regarding the Company's court-supervised process is available at Instant Brands' restructuring website, InstantBrandsRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Epiq, at https://dm.epiq11.com/InstantBrands, by calling Epiq toll-free at (888) 290-5211 (or (503) 694-4156 for calls originating outside of the U.S.), or by sending an email to InstantBrandsInfo@epiqglobal.com.
Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners is serving as restructuring advisor.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant®, Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, ZOID® and Visions®. With people-first and purpose-driven solutions in mind, Instant Brands is reimagining how people live, eat, connect, and play inside the home—and in the spaces where people gather. The Company is headquartered in Downers Grove, Ill., and employs more than 2,000 people across four continents. Today, Instant Brands' products are in millions of homes worldwide. For more information visit Instant Brands or join the community at LinkedIn, Instagram, and Facebook.
Media Contact
media@instantbrands.com
or
Aaron Palash / Rachel Goldman
Joele Frank Wilkinson Brimmer Katcher
212-355-4449
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