Lucky Strike (NYSE: LUCK) sets $500M notes and $1.2B 2032 term loan

Rhea-AI Filing Summary

Lucky Strike Entertainment announced a major debt refinancing led by its subsidiary Kingpin Intermediate Holdings. The Issuer has priced an offering of $500 million in 7.250% senior secured notes due 2032, sold at 100% of principal in a private placement.

The company also allocated a $1,200 million New Term Loan Facility maturing in 2032, expected to bear interest at Term SOFR plus 3.25%, stepping down to Term SOFR plus 3.00%. Along with a New Revolving Credit Facility with expected commitments of about $425 million, the proceeds are expected to refinance existing term loans and a revolving credit facility, pay related fees and expenses, and fund general corporate purposes.

Insights

Corporate credit analyst

Lucky Strike is restructuring its debt stack with new long-dated secured financing.

Lucky Strike is pursuing a comprehensive refinancing by pricing $500 million of 7.250% senior secured notes due 2032 and allocating a $1,200 million term loan facility maturing in the same year. A revolving credit facility with expected commitments of about $425 million rounds out the senior secured package.

The company expects to use proceeds from the notes, the New Term Loan Facility, and the refinanced revolver to repay existing term loans and its current revolving credit facility, plus related fees and expenses, with any remainder for general corporate purposes. This shifts its capital structure into longer-term, secured instruments while keeping overall funding sources diversified.

These transactions remain subject to market conditions and customary closing conditions, and the disclosure explicitly notes there is no assurance the notes issuance or New Term Loan Facility will be completed on the described terms or at all. The notes and guarantees will share first-priority liens with the New Senior Secured Credit Facilities, which concentrates recoveries in the secured layer if performance weakens.

FALSE000184057200018405722025-09-162025-09-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): September 16, 2025

___________________________________

LUCKY STRIKE ENTERTAINMENT CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________

Delaware			001-40142			98-1632024
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification Number)
7313 Bell Creek Road Mechanicsville, Virginia 23111
(Address of principal executive offices and zip code)
(804) 417-2000
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A common stock, par value $0.0001

LUCK

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company    ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On September 16, 2025, Lucky Strike Entertainment Corporation (the “Company”) issued a press release announcing that its wholly-owned subsidiary, Kingpin Intermediate Holdings LLC, a Delaware limited liability company (the “Issuer”), has priced an offering of $500 million aggregate principal amount of 7.250% senior secured notes due 2032 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be sold to investors at a price of 100% of the principal amount thereof and will bear an interest rate of 7.250% per annum.

In addition, the Company has also announced today that is has allocated a $1,200 million tranche of term loans (the “New Term Loan Facility”) maturing in 2032, which is expected to accrue interest at a rate of Term SOFR +3.25% per annum, stepping down to Term SOFR +3.00% per annum on terms to be set forth in final documentation. The allocated size of the New Term Loan Facility was increased from the previously announced $1,000 million.

The net proceeds of the offering of the Notes, the New Term Loan Facility, and a refinanced revolving credit facility that is expected to initially include commitments of approximately $425 million (the “New Revolving Credit Facility” and, together with the New Term Loan Facility, the “New Senior Secured Credit Facilities”) are expected to be used to refinance in full the Issuer’s existing term loan facilities and revolving credit facility, and to pay related fees and expenses. Any remaining net proceeds are expected to be used for general corporate purposes.

The closing of the Notes offering is expected to occur on or around September 22, 2025, subject to the satisfaction of customary closing conditions.

The Notes will be, jointly and severally, unconditionally guaranteed on a senior secured basis by the Company and each of the Company’s subsidiaries (other than the Issuer) that is a borrower or a guarantor under the New Senior Secured Credit Facilities. The Notes and the related guarantees will be secured on a first-priority basis (subject to customary exceptions) by liens on the same assets that secure the New Senior Secured Credit Facilities.

The foregoing transactions are subject to market and other conditions. There can be no assurance that the Company will be able to successfully complete the transactions including issuance of the Notes and/or closing of the New Term Loan Facility on the terms described above, or at all.

The Notes will not be registered under the Securities Act, or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

A copy of the press release announcing the offering is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. This Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum.

Cautionary Note Regarding Forward-Looking Statements

Some of the statements contained in this Current Report on Form 8-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions, and uncertainties, such as statements of our plans, objectives, expectations, intentions, and forecasts. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs, and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer

preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; failure to hire and retain qualified employees and personnel; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on August 28, 2025, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Current Report on Form 8-K and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, except as required by applicable law.

Item 9.01 Other Events.

(d) Exhibits.

Exhibit No.			Description
99.1			Press Release, dated September 16, 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			LUCKY STRIKE ENTERTAINMENT CORPORATION
Date: September 16, 2025			By:			/s/ Robert M. Lavan
			Name:			Robert M. Lavan
			Title:			Chief Financial Officer

FAQ

What debt financing did Lucky Strike Entertainment (LUCK) announce in this 8-K?

Lucky Strike announced that subsidiary Kingpin Intermediate Holdings priced $500 million of 7.250% senior secured notes due 2032 and allocated a new $1,200 million term loan facility maturing in 2032, forming key parts of a broader senior secured refinancing package.

What will Lucky Strike (LUCK) use the new notes and term loans for?

The company expects to use net proceeds from the $500 million notes, the $1,200 million New Term Loan Facility, and a refinanced revolving credit facility to refinance existing term loans and its current revolver, pay related fees and expenses, and fund general corporate purposes.

What are the key terms of Lucky Strike’s new senior secured notes due 2032?

The new senior secured notes have an aggregate principal of $500 million, bear interest at 7.250% per year, are due in 2032, will be sold at 100% of principal, and are being offered in a private transaction exempt from Securities Act registration.

How is the New Term Loan Facility for Lucky Strike (LUCK) structured?

Lucky Strike allocated a $1,200 million New Term Loan Facility maturing in 2032, expected to accrue interest at Term SOFR +3.25%, stepping down to Term SOFR +3.00%. The allocated size was increased from a previously announced $1,000 million level.

What is the role of the new revolving credit facility in Lucky Strike’s capital structure?

The company expects a New Revolving Credit Facility with initial commitments of about $425 million. Together with the New Term Loan Facility, it forms the New Senior Secured Credit Facilities, whose proceeds are expected to refinance existing loans and support general corporate purposes.

Are Lucky Strike’s new notes and credit facilities guaranteed and secured?

Yes. The notes will be jointly and severally, unconditionally guaranteed on a senior secured basis by Lucky Strike and certain subsidiaries. The notes and guarantees will be secured by first-priority liens on the same assets that secure the New Senior Secured Credit Facilities, subject to customary exceptions.

Is completion of Lucky Strike’s refinancing transaction assured?

No. The company states the transactions are subject to market and other conditions and there can be no assurance it will successfully complete the notes issuance and New Term Loan Facility on the described terms, or at all, highlighting execution uncertainty.