RideNow Group, Inc. Announces $220 Million Senior Secured Term Loan Refinancing; In Advanced Discussions for $50 Million Asset Backed Lending (ABL) Facility

The proposed Wells Fargo facility is expected to replace RideNow’s existing used floorplan facility with the bank.

Rhea-AI Summary

RideNow Group (RDNW) entered into a $220 million senior secured term loan agreement to refinance its existing loan. Affiliates of Centerbridge Partners provided the new loans, which bear interest at Adjusted Term SOFR plus 8.375% per year and mature on September 25, 2031. The proceeds repaid in full RideNow’s prior term loan under its agreement with Oaktree Fund Administration; that agreement was terminated on the closing date.

RideNow is also in advanced discussions with Wells Fargo Bank about a proposed $50 million senior secured asset-backed lending facility. Borrowings are expected to bear interest at Daily Simple SOFR plus 2.25% per year. RideNow expects to use some proceeds to repay part of the new term loan, subject to its terms. The proposed facility remains subject to final credit approval, definitive loan documents and customary closing conditions.

News Explained

RideNow’s proposed $50 million ABL remains subject to final credit approval and definitive documentation; if completed, it is expected to replace the company’s existing Wells Fargo floorplan facility and be secured by a first-priority interest in certain working-capital assets and inventory.

Argus 15 min delay 7 alerts

+7.10% vs previous close $6.49 last price 26.4x rel. volume Open Argus

Details

Market move: RDNW +7.10% vs previous close. term loan refinancing

+8.1% Peak in 30 min

$6.04 – $6.49 Day Range

$253.18M Market Cap

On Sep 28, the day this news came out, the latest delayed price for RDNW is 7.10% above the previous close. Argus tracked a peak move of +8.1% during the session. Our momentum scanner has recorded 7 alerts for this stock so far that day. The latest delayed price is $6.49. Relative volume is exceptionally heavy at 26.4x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Market Context

The Aug 11 results identified refinancing milestones for the prior term loan due in September 2027; ...

Analysis

The Aug 11 results identified refinancing milestones for the prior term loan due in September 2027; shares declined 2.23% after that report, connecting this refinancing to a previously disclosed maturity exposure.

Key Figures

Term loan principal: $220 million Term loan interest rate: Adjusted Term SOFR + 8.375% per annum Term loan maturity: September 25, 2031 +2 more

Term loan principal

$220 million

New senior secured term loan

Term loan interest rate

Adjusted Term SOFR + 8.375% per annum

New senior secured term loan

Term loan maturity

September 25, 2031

New senior secured term loan

Proposed ABL facility

$50 million

Advanced discussions; subject to final approval and definitive documentation

Proposed ABL interest rate

Daily Simple SOFR + 2.25% per annum

Proposed ABL facility

Historical Context

1 past event · Latest: Aug 11

1 event

1. Aug 11

   Earnings report

   24h Move

   -2.2%

   Disclosed refinancing milestones for the September 2027 term loan and first-half operating cash outflow.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted term sofr, daily simple sofr, asset backed lending (abl), first-priority security interest

4 terms

adjusted term sofr financial

"bearing interest at Adjusted Term SOFR, plus 8.375% per annum"

Adjusted term SOFR is a forward‑looking interest benchmark based on short‑term overnight Treasury repo rates, with a small extra amount added to reflect differences from legacy rates. Think of it as a quoted price that has been nudged to make payments comparable to older benchmarks; it matters to investors because it directly influences borrowing costs, bond yields and cash‑flow forecasts, affecting valuations and hedging outcomes.

daily simple sofr financial

"expected to bear interest at Daily Simple SOFR plus 2.25% per annum"

Daily simple SOFR is a widely published short-term interest benchmark based on actual overnight secured borrowing costs in the U.S. Treasury repo market; the “daily simple” version means the single-day rate is applied directly to calculate interest for that day rather than being compounded over multiple days. Investors care because it sets the interest paid or earned on floating-rate loans, bonds and cash products, so small daily changes change cash flows, borrowing costs and valuations—think of it as the daily retail price that determines what you pay or receive for short-term money.

asset backed lending (abl) financial

"a proposed $50 million senior secured ABL credit facility"

A form of business lending where a company borrows money using specific assets—such as inventory, accounts receivable, equipment, or real estate—as collateral. Lenders set the loan size and terms based mainly on the value and quality of those assets rather than the borrower’s overall credit, so the loan behaves like a mortgage or pawnshop for company assets. Investors care because ABL affects a company’s available cash, borrowing flexibility, and how much lenders can recover if the company defaults.

first-priority security interest financial

"secured by a first-priority security interest in certain working capital assets and inventory"

A first-priority security interest is a lender’s legal claim that is at the front of the line to be paid from specific collateral if a borrower defaults or goes bankrupt. Investors care because holding first priority means a higher chance of recovering money compared with lower-ranked creditors, similar to having the first ticket in a queue: you get served before others and face less risk of loss if the asset’s value is limited.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Refinancing Extends Debt Maturity to 2031, Optimizes Capital Structure

CHANDLER, Ariz., Sept. 28, 2026 /PRNewswire/ -- RideNow Group, Inc. (NASDAQ: RDNW) today announced that it has entered into a new term loan credit agreement with affiliates of Centerbridge Partners, L.P. providing for $220 million in senior secured term loans bearing interest at Adjusted Term SOFR, plus 8.375% per annum. The proceeds of the term loans were used to refinance in full the Company's existing term loan credit agreement with Oaktree Fund Administration, LLC, which was terminated on the closing date. The new term loans mature on September 25, 2031.

"Securing this new term loan facility is a direct reflection of the underlying strength and trajectory of RideNow," said Michael Quartieri, Chairman, Chief Executive Officer, and President. "Extending our debt maturity to 2031 eliminates near-term maturity risks and significantly enhances our financial flexibility. Further, the addition of an ABL facility with Wells Fargo in the near term will provide the Company with additional financial flexibility as we move forward. This transaction is the culmination of a transformational quarter for RideNow as we also introduced Clear Price, our new FTC compliant pricing model during the quarter. As a leader in the powersports dealership industry, we were one of the early adopters of FTC compliant pricing, which had a short-term negative impact on our August results. With a stronger balance sheet now locked in and our adoption of FTC compliant pricing behind us, the entire RideNow team remains focused on driving operational excellence and executing our long-term growth initiatives. To that end, we also completed the tuck-in acquisition of a Can-Am and Sea Doo dealer into our new Tallahassee location at the end of August."

In tandem with the term loan refinancing, RideNow is in advanced discussions with Wells Fargo Bank, N.A. regarding a proposed $50 million senior secured ABL credit facility. Borrowings under the proposed ABL Facility are expected to bear interest at Daily Simple SOFR plus 2.25% per annum. The Company expects to utilize a portion of the proceeds from the ABL Facility to pay down a portion of the $220 million term loan balance, subject to terms outlined in the term loan credit agreement. The ABL Facility is intended to provide to RideNow access to debt with lower cost to optimize its capital structure.

The ABL Facility is expected to be secured by a first-priority security interest in certain working capital assets and inventory. Additionally, the ABL Facility is expected to replace the used floorplan facility currently in place with Wells Fargo. Terms of the ABL Facility remain subject to final credit approval, negotiation and execution of definitive loan documentation, and customary closing conditions.

About RideNow Group, Inc.

RideNow Group, Inc. (NASDAQ: RDNW) is a powersports dealership group. We believe our powersports business is the largest powersports retail group in the United States offering a wide selection of new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. We also offer parts, apparel, accessories, finance & insurance products and services, and aftermarket products from a wide range of manufacturers. We are one of the largest purchasers of pre-owned powersports vehicles in the United States and utilize our proprietary RideNow Cash Offer tool to acquire vehicles directly from consumers. To learn more, please visit us online at https:// www.ridenow.com.

Forward-Looking Statements

This press release contains "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995, which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements contained in this press release include, but are not limited to, statements about our future results of operations and financial position, business strategy and plans, the anticipated execution and terms of the ABL facility, the expected reduction in overall interest rates and cost of capital, our ability to maintain adequate inventory levels to meet customer demand, industry and market conditions, the sufficiency of our liquidity and capital resources, our ability to refinance or repay our indebtedness, and our objectives for future operations. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the factors listed under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's SEC filings, as may be updated and amended from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Inquiries:
RideNow Group, Inc.
investors@ridenow.com

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SOURCE RideNow Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does RideNow Group’s new term loan mature?

RideNow Group’s new term loans mature on September 25, 2031. The $220 million in proceeds repaid its prior term loan in full.

What is the status of RideNow Group’s proposed Wells Fargo lending facility?

RideNow Group is in advanced discussions with Wells Fargo Bank about a proposed $50 million senior secured asset-backed lending facility. Its terms remain subject to final credit approval, negotiation and execution of definitive loan documents, and customary closing conditions.

What assets would secure RideNow Group’s proposed Wells Fargo facility?

The proposed facility is expected to have a first-priority security interest in certain working capital assets and inventory. RideNow expects to use some of its proceeds to repay part of the new term loan, subject to the term loan agreement.