[8-K] RH Reports Material Event
On 31 July 2025, RH’s wholly-owned subsidiary Restoration Hardware, Inc. executed a Second Amendment to its Twelfth Amended & Restated Credit Agreement with Bank of America and other lenders.
- Maturity extended: Revolving credit facility now matures four years later than the prior agreement.
- Total capacity: Up to $600 million revolver, with a $300 million accordion that can lift total borrowing to $900 million; accordion may be structured as first-in, last-out term debt.
- Subsidiary sub-limits: $10 million for RH Canada and $100 million for RH Geneva. European subsidiaries may access a separate sub-facility subject to conditions.
- Covenants: No regular leverage covenants; a 1.0x fixed-charge coverage ratio applies only when unused availability falls below the greater of $40 million or 10 % of borrowing availability.
- Collateral: Facility remains asset-based and secured by inventory, receivables and certain IP.
All other affirmative and negative covenants, reporting requirements and collateral arrangements remain largely unchanged. Item 2.03 confirms the amendment constitutes a direct financial obligation. Exhibit 10.1 contains the full text of the amendment.
Il 31 luglio 2025, la controllata al 100% di RH, Restoration Hardware, Inc., ha firmato un Secondo Emendamento al suo Dodicesimo Accordo di Credito Modificato e Ristabilito con Bank of America e altri finanziatori.
- Scadenza estesa: La linea di credito revolving ora scade quattro anni dopo rispetto al precedente accordo.
- Capacità totale: Fino a 600 milioni di dollari di linea revolving, con un accordion da 300 milioni di dollari che può portare l'indebitamento totale fino a 900 milioni di dollari; l’accordion può essere strutturato come debito a termine first-in, last-out.
- Sub-limiti per le controllate: 10 milioni di dollari per RH Canada e 100 milioni per RH Geneva. Le controllate europee possono accedere a una sub-linea separata soggetta a condizioni.
- Convenzioni: Nessun covenant regolare sul leverage; un rapporto di copertura delle spese fisse di 1,0x si applica solo quando la disponibilità inutilizzata scende al di sotto del maggiore tra 40 milioni di dollari o il 10% della disponibilità di indebitamento.
- Garanzie: La linea rimane basata su asset e garantita da inventario, crediti e alcuni diritti di proprietà intellettuale.
Tutte le altre convenzioni positive e negative, i requisiti di reporting e le disposizioni sulle garanzie rimangono sostanzialmente invariati. L’Item 2.03 conferma che l’emendamento costituisce un obbligo finanziario diretto. L’Exhibit 10.1 contiene il testo completo dell’emendamento.
El 31 de julio de 2025, la subsidiaria de propiedad total de RH, Restoration Hardware, Inc., ejecutó una Segunda Enmienda a su Duodécimo Acuerdo de Crédito Modificado y Restablecido con Bank of America y otros prestamistas.
- Vencimiento extendido: La línea de crédito revolvente ahora vence cuatro años después que el acuerdo anterior.
- Capacidad total: Hasta 600 millones de dólares en revolvente, con un accordion de 300 millones de dólares que puede aumentar el préstamo total a 900 millones de dólares; el accordion puede estructurarse como deuda a plazo first-in, last-out.
- Sublímites para subsidiarias: 10 millones de dólares para RH Canadá y 100 millones para RH Ginebra. Las subsidiarias europeas pueden acceder a una sublínea separada sujeta a condiciones.
- Convenios: No hay convenios regulares de apalancamiento; se aplica una ratio de cobertura de gastos fijos de 1.0x solo cuando la disponibilidad no utilizada cae por debajo del mayor entre 40 millones de dólares o el 10 % de la disponibilidad de endeudamiento.
- Garantías: La línea sigue siendo basada en activos y garantizada por inventario, cuentas por cobrar y cierta propiedad intelectual.
Todos los demás convenios afirmativos y negativos, requisitos de reporte y arreglos de garantías permanecen en gran medida sin cambios. El ítem 2.03 confirma que la enmienda constituye una obligación financiera directa. El Anexo 10.1 contiene el texto completo de la enmienda.
2025년 7월 31일, RH의 완전 자회사인 Restoration Hardware, Inc.는 Bank of America 및 기타 대출기관과 체결한 제12차 수정 및 재작성 신용계약에 대한 두 번째 수정안에 서명했습니다.
- 만기 연장: 회전 신용 한도의 만기가 이전 계약보다 4년 연장되었습니다.
- 총 용량: 최대 6억 달러의 회전 신용 한도와 3억 달러의 확장 옵션(accordion)이 있어 총 차입 한도를 9억 달러까지 늘릴 수 있으며, 확장 옵션은 선입선출(term debt) 방식으로 구조화할 수 있습니다.
- 자회사 하위 한도: RH 캐나다에 1천만 달러, RH 제네바에 1억 달러. 유럽 자회사는 조건에 따라 별도의 하위 한도에 접근할 수 있습니다.
- 약정: 정기적인 레버리지 약정 없음; 미사용 가능액이 4천만 달러 또는 차입 가능액의 10% 중 큰 금액 이하로 떨어질 때만 1.0배 고정비용 커버리지 비율 적용.
- 담보: 시설은 자산 기반이며 재고, 매출채권 및 특정 지적 재산으로 담보됩니다.
기타 모든 긍정적 및 부정적 약정, 보고 요구사항 및 담보 조건은 대부분 변경되지 않았습니다. 항목 2.03은 수정안이 직접적인 재무 의무임을 확인합니다. 부록 10.1에는 수정안 전체 문서가 포함되어 있습니다.
Le 31 juillet 2025, la filiale détenue à 100 % par RH, Restoration Hardware, Inc., a signé un Deuxième Amendement à son Douzième Accord de Crédit Modifié et Restitué avec Bank of America et d'autres prêteurs.
- Échéance prolongée : La facilité de crédit renouvelable arrive désormais à échéance quatre ans plus tard que dans l'accord précédent.
- Capacité totale : Jusqu'à 600 millions de dollars de crédit renouvelable, avec un accordéon de 300 millions de dollars pouvant porter l'endettement total à 900 millions de dollars ; l'accordéon peut être structuré comme une dette à terme first-in, last-out.
- Sous-limites pour les filiales : 10 millions de dollars pour RH Canada et 100 millions pour RH Genève. Les filiales européennes peuvent accéder à une sous-installation distincte sous conditions.
- Covenants : Pas de covenants réguliers sur l'endettement ; un ratio de couverture des charges fixes de 1,0x s'applique uniquement lorsque la disponibilité inutilisée tombe en dessous du plus élevé entre 40 millions de dollars ou 10 % de la disponibilité d'emprunt.
- Garanties : La facilité reste basée sur des actifs et garantie par les stocks, les créances et certaines propriétés intellectuelles.
Tous les autres engagements positifs et négatifs, les exigences de reporting et les arrangements de garanties restent largement inchangés. L'article 2.03 confirme que l'amendement constitue une obligation financière directe. L'annexe 10.1 contient le texte complet de l'amendement.
Am 31. Juli 2025 hat die hundertprozentige Tochtergesellschaft von RH, Restoration Hardware, Inc., eine Zweite Änderung ihres zwölften geänderten und neu gefassten Kreditvertrags mit der Bank of America und anderen Kreditgebern unterzeichnet.
- Verlängerte Laufzeit: Die revolvierende Kreditfazilität läuft nun vier Jahre länger als im vorherigen Vertrag.
- Gesamtkapazität: Bis zu 600 Millionen US-Dollar revolvierender Kredit mit einer 300-Millionen-Dollar-Accordion-Option, die die Gesamtaufnahme auf 900 Millionen US-Dollar erhöhen kann; die Accordion-Option kann als First-in, Last-out-Terminkredit strukturiert werden.
- Sub-Limits für Tochtergesellschaften: 10 Millionen US-Dollar für RH Kanada und 100 Millionen für RH Genf. Europäische Tochtergesellschaften können unter bestimmten Bedingungen auf eine separate Sublinie zugreifen.
- Auflagen: Keine regulären Verschuldungskennzahlen; eine 1,0-fache Fixkosten-Coverage-Ratio gilt nur, wenn die ungenutzte Verfügbarkeit unter den höheren Wert von 40 Millionen US-Dollar oder 10 % der Kreditverfügbarkeit fällt.
- Sicherheiten: Die Fazilität bleibt assetbasiert und durch Inventar, Forderungen und bestimmte geistige Eigentumsrechte besichert.
Alle anderen positiven und negativen Auflagen, Berichtspflichten und Sicherheitenvereinbarungen bleiben weitgehend unverändert. Punkt 2.03 bestätigt, dass die Änderung eine direkte finanzielle Verpflichtung darstellt. Anlage 10.1 enthält den vollständigen Text der Änderung.
- None.
- None.
Insights
TL;DR: Maturity extension preserves liquidity; asset-based structure and modest FCCR trigger limit covenant risk.
Extending the revolver by four years materially de-risks near-term refinancing for RH, keeping a sizable $600 m facility in place—with potential to reach $900 m via the accordion. Because the FCCR covenant springs only when availability dips below $40 m or 10 % of the base, covenant default risk is low as long as inventory and receivables remain healthy. The secured nature protects lenders but restricts RH’s asset flexibility and dividend capacity. Overall, a neutral-to-positive credit event: improved tenor outweighs additional encumbrance already present.
TL;DR: Longer liquidity runway supports strategic investments; covenant structure caps downside but limits shareholder distributions.
For shareholders, the four-year push-out removes a refinancing overhang and ensures access to working-capital funding as RH executes its international gallery rollout. The absence of leverage covenants provides operational flexibility during macro softness. However, the asset pledge and dividend restrictions may constrain capital returns. With no change to borrowing capacity, the amendment is not revenue-accretive but reduces tail risk—mildly positive for valuation multiples.
Il 31 luglio 2025, la controllata al 100% di RH, Restoration Hardware, Inc., ha firmato un Secondo Emendamento al suo Dodicesimo Accordo di Credito Modificato e Ristabilito con Bank of America e altri finanziatori.
- Scadenza estesa: La linea di credito revolving ora scade quattro anni dopo rispetto al precedente accordo.
- Capacità totale: Fino a 600 milioni di dollari di linea revolving, con un accordion da 300 milioni di dollari che può portare l'indebitamento totale fino a 900 milioni di dollari; l’accordion può essere strutturato come debito a termine first-in, last-out.
- Sub-limiti per le controllate: 10 milioni di dollari per RH Canada e 100 milioni per RH Geneva. Le controllate europee possono accedere a una sub-linea separata soggetta a condizioni.
- Convenzioni: Nessun covenant regolare sul leverage; un rapporto di copertura delle spese fisse di 1,0x si applica solo quando la disponibilità inutilizzata scende al di sotto del maggiore tra 40 milioni di dollari o il 10% della disponibilità di indebitamento.
- Garanzie: La linea rimane basata su asset e garantita da inventario, crediti e alcuni diritti di proprietà intellettuale.
Tutte le altre convenzioni positive e negative, i requisiti di reporting e le disposizioni sulle garanzie rimangono sostanzialmente invariati. L’Item 2.03 conferma che l’emendamento costituisce un obbligo finanziario diretto. L’Exhibit 10.1 contiene il testo completo dell’emendamento.
El 31 de julio de 2025, la subsidiaria de propiedad total de RH, Restoration Hardware, Inc., ejecutó una Segunda Enmienda a su Duodécimo Acuerdo de Crédito Modificado y Restablecido con Bank of America y otros prestamistas.
- Vencimiento extendido: La línea de crédito revolvente ahora vence cuatro años después que el acuerdo anterior.
- Capacidad total: Hasta 600 millones de dólares en revolvente, con un accordion de 300 millones de dólares que puede aumentar el préstamo total a 900 millones de dólares; el accordion puede estructurarse como deuda a plazo first-in, last-out.
- Sublímites para subsidiarias: 10 millones de dólares para RH Canadá y 100 millones para RH Ginebra. Las subsidiarias europeas pueden acceder a una sublínea separada sujeta a condiciones.
- Convenios: No hay convenios regulares de apalancamiento; se aplica una ratio de cobertura de gastos fijos de 1.0x solo cuando la disponibilidad no utilizada cae por debajo del mayor entre 40 millones de dólares o el 10 % de la disponibilidad de endeudamiento.
- Garantías: La línea sigue siendo basada en activos y garantizada por inventario, cuentas por cobrar y cierta propiedad intelectual.
Todos los demás convenios afirmativos y negativos, requisitos de reporte y arreglos de garantías permanecen en gran medida sin cambios. El ítem 2.03 confirma que la enmienda constituye una obligación financiera directa. El Anexo 10.1 contiene el texto completo de la enmienda.
2025년 7월 31일, RH의 완전 자회사인 Restoration Hardware, Inc.는 Bank of America 및 기타 대출기관과 체결한 제12차 수정 및 재작성 신용계약에 대한 두 번째 수정안에 서명했습니다.
- 만기 연장: 회전 신용 한도의 만기가 이전 계약보다 4년 연장되었습니다.
- 총 용량: 최대 6억 달러의 회전 신용 한도와 3억 달러의 확장 옵션(accordion)이 있어 총 차입 한도를 9억 달러까지 늘릴 수 있으며, 확장 옵션은 선입선출(term debt) 방식으로 구조화할 수 있습니다.
- 자회사 하위 한도: RH 캐나다에 1천만 달러, RH 제네바에 1억 달러. 유럽 자회사는 조건에 따라 별도의 하위 한도에 접근할 수 있습니다.
- 약정: 정기적인 레버리지 약정 없음; 미사용 가능액이 4천만 달러 또는 차입 가능액의 10% 중 큰 금액 이하로 떨어질 때만 1.0배 고정비용 커버리지 비율 적용.
- 담보: 시설은 자산 기반이며 재고, 매출채권 및 특정 지적 재산으로 담보됩니다.
기타 모든 긍정적 및 부정적 약정, 보고 요구사항 및 담보 조건은 대부분 변경되지 않았습니다. 항목 2.03은 수정안이 직접적인 재무 의무임을 확인합니다. 부록 10.1에는 수정안 전체 문서가 포함되어 있습니다.
Le 31 juillet 2025, la filiale détenue à 100 % par RH, Restoration Hardware, Inc., a signé un Deuxième Amendement à son Douzième Accord de Crédit Modifié et Restitué avec Bank of America et d'autres prêteurs.
- Échéance prolongée : La facilité de crédit renouvelable arrive désormais à échéance quatre ans plus tard que dans l'accord précédent.
- Capacité totale : Jusqu'à 600 millions de dollars de crédit renouvelable, avec un accordéon de 300 millions de dollars pouvant porter l'endettement total à 900 millions de dollars ; l'accordéon peut être structuré comme une dette à terme first-in, last-out.
- Sous-limites pour les filiales : 10 millions de dollars pour RH Canada et 100 millions pour RH Genève. Les filiales européennes peuvent accéder à une sous-installation distincte sous conditions.
- Covenants : Pas de covenants réguliers sur l'endettement ; un ratio de couverture des charges fixes de 1,0x s'applique uniquement lorsque la disponibilité inutilisée tombe en dessous du plus élevé entre 40 millions de dollars ou 10 % de la disponibilité d'emprunt.
- Garanties : La facilité reste basée sur des actifs et garantie par les stocks, les créances et certaines propriétés intellectuelles.
Tous les autres engagements positifs et négatifs, les exigences de reporting et les arrangements de garanties restent largement inchangés. L'article 2.03 confirme que l'amendement constitue une obligation financière directe. L'annexe 10.1 contient le texte complet de l'amendement.
Am 31. Juli 2025 hat die hundertprozentige Tochtergesellschaft von RH, Restoration Hardware, Inc., eine Zweite Änderung ihres zwölften geänderten und neu gefassten Kreditvertrags mit der Bank of America und anderen Kreditgebern unterzeichnet.
- Verlängerte Laufzeit: Die revolvierende Kreditfazilität läuft nun vier Jahre länger als im vorherigen Vertrag.
- Gesamtkapazität: Bis zu 600 Millionen US-Dollar revolvierender Kredit mit einer 300-Millionen-Dollar-Accordion-Option, die die Gesamtaufnahme auf 900 Millionen US-Dollar erhöhen kann; die Accordion-Option kann als First-in, Last-out-Terminkredit strukturiert werden.
- Sub-Limits für Tochtergesellschaften: 10 Millionen US-Dollar für RH Kanada und 100 Millionen für RH Genf. Europäische Tochtergesellschaften können unter bestimmten Bedingungen auf eine separate Sublinie zugreifen.
- Auflagen: Keine regulären Verschuldungskennzahlen; eine 1,0-fache Fixkosten-Coverage-Ratio gilt nur, wenn die ungenutzte Verfügbarkeit unter den höheren Wert von 40 Millionen US-Dollar oder 10 % der Kreditverfügbarkeit fällt.
- Sicherheiten: Die Fazilität bleibt assetbasiert und durch Inventar, Forderungen und bestimmte geistige Eigentumsrechte besichert.
Alle anderen positiven und negativen Auflagen, Berichtspflichten und Sicherheitenvereinbarungen bleiben weitgehend unverändert. Punkt 2.03 bestätigt, dass die Änderung eine direkte finanzielle Verpflichtung darstellt. Anlage 10.1 enthält den vollständigen Text der Änderung.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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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 (see General Instruction A.2. below):
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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 1.01. | Entry into a Material Definitive Agreement. | |||
Credit Agreement
On July 31, 2025, Restoration Hardware, Inc., a wholly-owned subsidiary of RH (“RHI”), entered into an Amendment (the “Amendment”) to the Twelfth Amended and Restated Credit Agreement, dated as of July 29, 2021, by and among RHI as lead borrower, various other subsidiaries of RH named therein as borrowers, the guarantors party thereto, the lenders party thereto and Bank of America, N.A. as administrative agent and collateral agent (as amended prior to the Amendment, the “Credit Agreement”). The Amendment, among other things, amends the Credit Agreement to extend the maturity date by four years. Under the Credit Agreement, RHI has a revolving line of credit available of up to $600 million, of which (i) $10 million is available to the RH subsidiary Restoration Hardware Canada, Inc. and (ii) $100 million is available to the RH subsidiary, RH Geneva Sàrl. The Credit Agreement includes a $300 million accordion feature under which the revolving line of credit may be expanded by agreement of the parties from $600 million to up to $900 million if and to the extent that the lenders revise their credit commitments to encompass a larger facility. The Credit Agreement provides that the $300 million accordion, or a portion thereof, may be added as a first-in, last-out, term loan facility if and to the extent the lenders revise their credit commitments for such facility. The Credit Agreement further provides that the borrowers may request a European sub-credit facility under the revolving line of credit or under the accordion feature for borrowing by certain European subsidiaries of RHI, if certain conditions set out in the Credit Agreement are met.
The availability of credit at any given time under the Credit Agreement will be constrained by the terms and conditions of the Credit Agreement, including the amount of collateral available, a borrowing base formula based upon numerous factors, including the value of eligible inventory and eligible accounts receivable, and other restrictions contained in the Credit Agreement. All obligations under the credit facility are secured by substantial assets of the loan parties, including inventory, receivables and certain types of intellectual property.
The Credit Agreement contains various restrictive and affirmative covenants, including required financial reporting, limitations on the ability to grant liens, make loans or other investments, incur additional debt, issue additional equity, merge or consolidate with or into another person, sell assets, pay dividends or make other distributions or enter into transactions with affiliates, along with other restrictions and limitations similar to those frequently found in credit agreements of this type and size.
The Credit Agreement does not contain any significant financial ratio covenants or coverage ratio covenants other than a consolidated fixed charge coverage ratio covenant based on the ratio of (i) consolidated EBITDA to the amount of (ii) debt service costs plus certain other amounts including dividends and distributions and prepayments of debt as defined in the Credit Agreement (the “FCCR Covenant”). The FCCR Covenant only applies in certain limited circumstances, including when the unused availability under the Credit Agreement drops below the greater of $40 million and an amount based on 10% of the total borrowing availability at the time. The FCCR Covenant ratio is set at 1.0 and measured on a trailing twelve-month basis.
The above description is a summary of certain terms of the Amendment and the Credit Agreement and is qualified in its entirety by reference to the Amendment, which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure under Item 1.01 above is incorporated herein by reference.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning the terms and conditions of the Amendment and the Credit Agreement, including the maximum amount of credit available to the RH subsidiaries under the Credit Agreement and the establishment of a European credit facility, limitations on the amount of borrowing availability based upon the borrowing base and value of eligible collateral from time to time, the covenants and restrictions contained in the Credit Agreement, including the FCCR Covenant and the ability of the loan parties to remain in compliance with the terms and conditions of the Credit Agreement from time to time. You can identify forward looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “if,” “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future events. We cannot assure you that future developments affecting us will be those that we have anticipated. Important risks and uncertainties that could cause actual results to differ materially from our expectations include, among others, risks and uncertainties concerning the performance of the business, whether or not the availability under the revolving line of credit may be curtailed by virtue of loan term restrictions or the amount of collateral in the borrowing base, general performance of the business, and those other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in RH’s Annual Report on Form 10-K most recently filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at ir.rh.com and on the SEC website at www.sec.gov. You
should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us on this Current Report on Form 8-K speaks only as of the date on which we make it. RH expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit | Description | |
10.1 | Second Amendment to Twelfth Amended and Restated Credit Agreement, dated as of July 31, 2025, by and among Restoration Hardware, Inc. as lead borrower, various other subsidiaries of RH named therein as borrowers, the guarantors party thereto, the lenders party thereto and Bank of America, N.A. as administrative agent and collateral agent (filed herewith). | |
104 | Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. | |
SIGNATURES
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.
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Dated: August 6, 2025 | By: | /s/ Jack Preston |
| Jack Preston | |
| Chief Financial Officer | |
FAQ
How much liquidity does the amended RH credit facility provide?
What is the new maturity date of RH’s revolving credit facility?
Are there financial covenants in RH’s amended credit agreement?
Which RH subsidiaries have dedicated sub-limits?
What collateral secures RH’s credit facility?
