Hydrofarm Eliminates $109 Million Term Loan Through Recapitalization

Hydrofarm Holdings Group, Inc. retired its $109 million term loan through a completed recapitalization, reducing annual debt service by about $12 million and leaving only immaterial debt at a foreign subsidiary. The restructuring left the former lenders with 27.5 million newly issued Series 1 non-voting convertible preferred shares. The shares are convertible into common stock at $1 per share at each holder’s option, subject to stockholder approval; the lenders also received warrants covering 27.5 million common shares, with a 78-cent exercise price and stockholder approval required before exercise.

Source: TokenPost