[8-K] HARROW, INC. Reports Material Event
Harrow, Inc. and certain subsidiaries entered into a new senior secured revolving credit agreement with Fifth Third Bank providing an initial facility of $40.0 million and an uncommitted incremental revolving line up to $20.0 million. The facility is secured and includes subsidiary guarantors, and it matures on September 26, 2030 or, if earlier, 91 days prior to the earliest maturity date of the company’s 8.625% senior notes due 2030. The credit line increases the company’s committed liquidity and provides flexibility through an additional uncommitted incremental option; the agreement names Fifth Third as administrative agent, letter of credit issuer, swing line lender, lead arranger and bookrunner.
Harrow, Inc. e alcune controllate hanno stipulato un nuovo accordo di credito revolving senior secured con Fifth Third Bank, prevedendo una linea iniziale di 40,0 milioni di dollari e una linea revolving aggiuntiva non impegnata fino a 20,0 milioni. Il finanziamento è garantito e comprende garanti tra le controllate, con scadenza fissata al 26 settembre 2030 oppure, se precedente, 91 giorni prima della data di scadenza più vicina delle obbligazioni senior 8,625% 2030. La linea di credito aumenta la liquidità impegnata della società e offre flessibilità tramite una ulteriore opzione incrementale non impegnata; nel contratto Fifth Third è indicato come agente amministrativo, emittente di lettera di credito, swing line lender, lead arranger e bookrunner.
Harrow, Inc. y ciertas subsidiarias firmaron un nuevo acuerdo de crédito rotativo senior garantizado con Fifth Third Bank, con una línea inicial de 40,0 millones de dólares y una línea rotativa adicional no comprometida de hasta 20,0 millones. El crédito está garantizado e incluye garantías de subsidiarias, y vence el 26 de septiembre de 2030 o, si es anterior, 91 días antes de la fecha de vencimiento más próxima de los pagarés senior 8,625% de 2030. La línea de crédito aumenta la liquidez comprometida de la empresa y ofrece flexibilidad a través de una opción adicional no comprometida; el acuerdo designa a Fifth Third como agente administrativo, emisor de cartas de crédito, prestamista de swing line, asesor líder y bookrunner.
Harrow, Inc.와 일부 자회사는 Fifth Third Bank와 함께 새로운 선순위 담보 회전 신용계약을 체결했으며, 초기 한도는 4천만 달러, 추가 비약정 회전 신용 한도는 2천만 달러까지 제공됩니다. 이 신용은 담보로 보장되며 자회사 보증인이 포함되고, 만기는 2030년 9월 26일 또는 더 이른 경우 기업의 2030년 8.625% 선순위 채권 만기의 가장 이른 날짜로부터 91일 전입니다. 이 신용라인은 회사의 약정 유동성을 증가시키고 비약정 추가 옵션을 통해 유연성을 제공합니다. 계약상 Fifth Third를 행정 대리인, 신용전달서 발행인, 스윙라인 대주단, 주관배정주관 및 북러너로 지정합니다.
Harrow, Inc. et certaines filiales ont conclu un nouveau contrat de crédit renouvelable senior garantie avec la banque Fifth Third, prévoyant une ligne initiale de 40,0 millions de dollars et une ligne revolving incrémentale non engagée jusqu’à 20,0 millions. Le financement est garanti et comprend des garantisseurs parmi les filiales, et il arrive à échéance le 26 septembre 2030 ou, si antérieur, 91 jours avant la date d’échéance la plus proche des obligations seniors 8,625% 2030. Cette ligne de crédit accroît la liquidité engagée de l’entreprise et offre une flexibilité par une option incrémentale non engagée supplémentaire; l’accord nomme Fifth Third comme agent administratif, émetteur de lettres de crédit, prêteur lign de swing, arrangeur principal et bookrunner.
Harrow, Inc. und bestimmte Tochtergesellschaften haben eine neue Senior-Secured Revolving Credit Agreement mit der Fifth Third Bank abgeschlossen, die eine anfängliche Kreditlinie von 40,0 Mio. USD und eine unverbindliche zusätzliche Revolving Line bis zu 20,0 Mio. USD vorsieht. Die Kreditfazilität ist besichert und umfasst Tochterunternehmensgaranten und läuft am 26. September 2030 ab bzw., falls früher, 91 Tage vor dem frühesten Fälligkeitstermin der 8,625%-Seniorenanleihe 2030. Die Kreditlinie erhöht die vertraglich zugesagte Liquidität des Unternehmens und bietet durch eine zusätzliche unverbindliche Incremental-Option Flexibilität; im Vertrag wird Fifth Third als Administrative Agent, Aussteller von Akkreditiven, Swing-Line-Lender, Lead Arranger und Bookrunner benannt.
Harrow, Inc. وشركات فرعية معينة دخلا في اتفاقية ائتمانية دوارة Senior مُضمَّنة مع بنك Fifth Third تتيح تسهيلات ابتدائية قدرها 40.0 مليون دولار وخط دوّري إضافي غير ملتزم يصل إلى 20.0 مليون دولار. وتكون التساهيل مضمونة وتشمل كفلاء من الشركات الفرعية، وتُستحق في 26 سبتمبر 2030 أو، إذا كان أقرب، قبل 91 يوماً من أقرب تاريخ استحقاق لسندات الشركة الممتازة من فئة 8.625% المستحقة في 2030. تزيد هذه الخط الائتماني من السيولة الملتزم بها للشركة وتوفر مرونة من خلال خيار إضافي غير ملزم؛ ويُسمّى في الاتفاق Fifth Third كوكيل إداري، ومصدر خطاب الاعتماد، ومقرض خط السوينغ، ومنظم رئيسي ورائد دفتر.
Harrow, Inc.及其部分子公司与First Third Bank（Fifth Third Bank）签署了一项新的高级有担保循环信贷协议，初始额度为4000万美元，并提供一项最高不承诺的增量循环额度至2000万美元。本信贷便利为有担保且包含子公司担保人，期限至2030年9月26日，或如有更早者，至公司于2030年到期的8.625%高级票据的最早到期日之前的91天。该信贷额度增加公司的承诺流动性，并通过额外的不承诺增量选项提供灵活性；协议将Fifth Third指定为管理代理、信用证签发人、穿线银行贷款人、主承销商与簿记承销商。
- $40.0 million committed revolving credit facility provides immediate liquidity
- Uncommitted incremental option up to $20.0 million offers potential additional capacity
- Facility naming Fifth Third as agent and arranger provides centralized senior lender relationship
- Facility is senior secured with subsidiary guarantors, creating lender priority on collateral
- Availability may be affected because the facility terminates 91 days prior to the earliest maturity of the company’s 8.625% senior notes due 2030
- Incremental $20.0 million is uncommitted, so it is not guaranteed funding
Insights
TL;DR: A secured $40M revolver plus $20M incremental option strengthens liquidity but ties availability to secured covenants and senior note schedule.
The new facility provides Harrow with committed working capital capacity of $40.0 million and an incremental uncommitted option that can boost liquidity by another $20.0 million if available. As a senior secured revolver with subsidiary guarantors, the facility improves near-term funding flexibility and may support operations or opportunistic needs. The maturity aligns with the company’s 2030 debt timeline, with an earlier cutoff linked to the senior notes’ maturity, which could affect availability depending on the notes’ status. Using a single bank as agent and arranger concentrates administration but is common for mid-size facilities.
TL;DR: Facility reduces short-term liquidity risk but introduces secured-creditor priority and potential covenant constraints.
The senior secured nature and guarantor structure mean lenders have priority claims on collateral, which can affect the company’s flexibility with other creditors. The uncommitted incremental tranche is useful but not guaranteed, so fully relying on it would be imprudent. The maturity provision that moves the facility’s termination to 91 days before the senior notes’ maturity creates a linked timeline risk; if the notes’ situation changes, access to the revolver could be shortened. Overall, credit risk to the company is lowered by added capacity, while financial covenant and collateral implications should be monitored closely.
Harrow, Inc. e alcune controllate hanno stipulato un nuovo accordo di credito revolving senior secured con Fifth Third Bank, prevedendo una linea iniziale di 40,0 milioni di dollari e una linea revolving aggiuntiva non impegnata fino a 20,0 milioni. Il finanziamento è garantito e comprende garanti tra le controllate, con scadenza fissata al 26 settembre 2030 oppure, se precedente, 91 giorni prima della data di scadenza più vicina delle obbligazioni senior 8,625% 2030. La linea di credito aumenta la liquidità impegnata della società e offre flessibilità tramite una ulteriore opzione incrementale non impegnata; nel contratto Fifth Third è indicato come agente amministrativo, emittente di lettera di credito, swing line lender, lead arranger e bookrunner.
Harrow, Inc. y ciertas subsidiarias firmaron un nuevo acuerdo de crédito rotativo senior garantizado con Fifth Third Bank, con una línea inicial de 40,0 millones de dólares y una línea rotativa adicional no comprometida de hasta 20,0 millones. El crédito está garantizado e incluye garantías de subsidiarias, y vence el 26 de septiembre de 2030 o, si es anterior, 91 días antes de la fecha de vencimiento más próxima de los pagarés senior 8,625% de 2030. La línea de crédito aumenta la liquidez comprometida de la empresa y ofrece flexibilidad a través de una opción adicional no comprometida; el acuerdo designa a Fifth Third como agente administrativo, emisor de cartas de crédito, prestamista de swing line, asesor líder y bookrunner.
Harrow, Inc.와 일부 자회사는 Fifth Third Bank와 함께 새로운 선순위 담보 회전 신용계약을 체결했으며, 초기 한도는 4천만 달러, 추가 비약정 회전 신용 한도는 2천만 달러까지 제공됩니다. 이 신용은 담보로 보장되며 자회사 보증인이 포함되고, 만기는 2030년 9월 26일 또는 더 이른 경우 기업의 2030년 8.625% 선순위 채권 만기의 가장 이른 날짜로부터 91일 전입니다. 이 신용라인은 회사의 약정 유동성을 증가시키고 비약정 추가 옵션을 통해 유연성을 제공합니다. 계약상 Fifth Third를 행정 대리인, 신용전달서 발행인, 스윙라인 대주단, 주관배정주관 및 북러너로 지정합니다.
Harrow, Inc. et certaines filiales ont conclu un nouveau contrat de crédit renouvelable senior garantie avec la banque Fifth Third, prévoyant une ligne initiale de 40,0 millions de dollars et une ligne revolving incrémentale non engagée jusqu’à 20,0 millions. Le financement est garanti et comprend des garantisseurs parmi les filiales, et il arrive à échéance le 26 septembre 2030 ou, si antérieur, 91 jours avant la date d’échéance la plus proche des obligations seniors 8,625% 2030. Cette ligne de crédit accroît la liquidité engagée de l’entreprise et offre une flexibilité par une option incrémentale non engagée supplémentaire; l’accord nomme Fifth Third comme agent administratif, émetteur de lettres de crédit, prêteur lign de swing, arrangeur principal et bookrunner.
Harrow, Inc. und bestimmte Tochtergesellschaften haben eine neue Senior-Secured Revolving Credit Agreement mit der Fifth Third Bank abgeschlossen, die eine anfängliche Kreditlinie von 40,0 Mio. USD und eine unverbindliche zusätzliche Revolving Line bis zu 20,0 Mio. USD vorsieht. Die Kreditfazilität ist besichert und umfasst Tochterunternehmensgaranten und läuft am 26. September 2030 ab bzw., falls früher, 91 Tage vor dem frühesten Fälligkeitstermin der 8,625%-Seniorenanleihe 2030. Die Kreditlinie erhöht die vertraglich zugesagte Liquidität des Unternehmens und bietet durch eine zusätzliche unverbindliche Incremental-Option Flexibilität; im Vertrag wird Fifth Third als Administrative Agent, Aussteller von Akkreditiven, Swing-Line-Lender, Lead Arranger und Bookrunner benannt.
FAQ
What credit facility did Harrow, Inc. (HROW) enter into?
Who is the lender or administrative agent on Harrow's new credit agreement?
When does the Harrow credit facility mature?
Is the additional $20 million tranche guaranteed?
Does the agreement involve guarantors?
