Turtle Beach Corporation Completes Debt Refinancing
Turtle Beach Corporation (Nasdaq: TBCH) has successfully completed a comprehensive debt refinancing, securing a $150 million senior secured credit facility with Bank of America. The new facility includes a $90 million revolving credit facility and a $60 million term loan, both maturing on August 1, 2028.
The refinancing features improved terms, with initial borrowing rates at SOFR plus 325 basis points, representing a significant 450 basis point reduction compared to the previous term loan. This restructuring aims to strengthen the company's capital structure and enhance financial flexibility for future growth initiatives.
Turtle Beach Corporation (Nasdaq: TBCH) ha completato con successo un rifinanziamento del debito, ottenendo una linea di credito senior garantita da 150 milioni di dollari con Bank of America. La nuova linea comprende una linea di credito revolving da 90 milioni di dollari e un prestito a termine da 60 milioni di dollari, entrambi con scadenza il 1° agosto 2028.
Il rifinanziamento presenta condizioni migliorate, con tassi di interesse iniziali pari a SOFR più 325 punti base, che rappresentano una significativa riduzione di 450 punti base rispetto al precedente prestito a termine. Questa ristrutturazione mira a rafforzare la struttura patrimoniale dell'azienda e ad aumentare la flessibilità finanziaria per le future iniziative di crescita.
Turtle Beach Corporation (Nasdaq: TBCH) ha completado con éxito una refinanciación integral de deuda, asegurando una línea de crédito senior garantizada de 150 millones de dólares con Bank of America. La nueva línea incluye una línea de crédito revolvente de 90 millones de dólares y un préstamo a plazo de 60 millones de dólares, ambos con vencimiento el 1 de agosto de 2028.
La refinanciación presenta términos mejorados, con tasas iniciales de préstamo de SOFR más 325 puntos básicos, lo que representa una reducción significativa de 450 puntos básicos en comparación con el préstamo a plazo anterior. Esta reestructuración tiene como objetivo fortalecer la estructura de capital de la empresa y mejorar la flexibilidad financiera para futuras iniciativas de crecimiento.
Turtle Beach Corporation (나스닥: TBCH)은(는) Bank of America와 함께 1억 5천만 달러 규모의 선순위 담보 신용 시설을 확보하며 포괄적인 부채 재융자를 성공적으로 완료했습니다. 신규 시설은 9천만 달러의 리볼빙 신용 시설과 6천만 달러의 기한부 대출로 구성되며, 둘 다 2028년 8월 1일 만기입니다.
재융자 조건은 개선되어 초기 대출 금리는 SOFR에 325 베이시스 포인트를 더한 수준으로, 이전 기한부 대출 대비 450 베이시스 포인트 감소를 나타냅니다. 이번 구조조정은 회사의 자본 구조를 강화하고 향후 성장 계획을 위한 재무 유연성을 높이는 것을 목표로 합니다.
Turtle Beach Corporation (Nasdaq : TBCH) a réussi à finaliser un refinancement complet de sa dette, obtenant une facilité de crédit senior garantie de 150 millions de dollars auprès de Bank of America. Cette nouvelle facilité comprend une ligne de crédit renouvelable de 90 millions de dollars et un prêt à terme de 60 millions de dollars, tous deux arrivant à échéance le 1er août 2028.
Le refinancement présente des conditions améliorées, avec des taux d'emprunt initiaux fixés à SOFR plus 325 points de base, soit une réduction significative de 450 points de base par rapport au prêt à terme précédent. Cette restructuration vise à renforcer la structure financière de l'entreprise et à accroître sa flexibilité financière pour soutenir ses futures initiatives de croissance.
Turtle Beach Corporation (Nasdaq: TBCH) hat erfolgreich eine umfassende Schuldenrefinanzierung abgeschlossen und sich eine vorrangige besicherte Kreditlinie über 150 Millionen US-Dollar bei der Bank of America gesichert. Die neue Kreditlinie umfasst eine revolvierende Kreditlinie über 90 Millionen US-Dollar und einen Terminkredit über 60 Millionen US-Dollar, beide mit Fälligkeit am 1. August 2028.
Die Refinanzierung bietet verbesserte Konditionen, mit anfänglichen Kreditkosten von SOFR plus 325 Basispunkten, was eine signifikante Reduzierung um 450 Basispunkte gegenüber dem vorherigen Terminkredit darstellt. Diese Umstrukturierung zielt darauf ab, die Kapitalstruktur des Unternehmens zu stärken und die finanzielle Flexibilität für zukünftige Wachstumsinitiativen zu erhöhen.
- Secured new $150 million credit facility with improved terms
- Significant 450 basis point reduction in borrowing costs
- Extended loan maturity to August 2028
- Enhanced financial flexibility for future growth
- Takes on $150 million in new debt obligations
SAN DIEGO, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: TBCH, the “Company”), a leading gaming accessories brand, today announced it has completed a comprehensive refinancing of its credit facilities, strengthening the Company’s capital structure and enhancing financial flexibility.
Turtle Beach entered into a
Borrowings under the new facility will bear interest at a base rate or term Secured Overnight Financing Rate (SOFR), plus an applicable margin that varies based on the Company’s consolidated total net leverage ratio. The initial interest rate for borrowings under the revolving credit facility and term loan is SOFR plus 325 basis points, representing a reduction of approximately 450 basis points compared to the terms of the prior term loan. Both the revolving credit and term loan facility mature August 1, 2028.
"This refinancing marks a significant milestone in the execution of the Company’s strategy,” said Cris Keirn, Chief Executive Officer, Turtle Beach Corporation. “The new loans with improved pricing and extended tenure significantly reduce our cost of capital and provide the financial foundation to continue investing in our future growth and deliver on our commitment to shareholders.”
About Turtle Beach
Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “goal,” “project,” “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements in this press release include, but are not limited to, statements regarding potential share repurchases by the Company and the potential refinancing of the Company’s outstanding loan balance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.
While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, our ability to refinance our indebtedness on terms favorable to the Company, trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the SEC. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.
CONTACTS
Investors:
TBCH@icrinc.com
(646) 277-1285
Public Relations & Media:
MacLean Marshall
Sr. Director, Global Communications
Turtle Beach Corporation
(858) 914 -5093
maclean.marshall@turtlebeach.com
FAQ
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