Interpath has advised Naked Wines Plc (LON: WINE) on securing a $60m credit facility with PNC Bank that provides significant additional liquidity and flexibility to the business.
Naked Wines operates in the direct-to-consumer wine market, connecting wine drinkers with its independent wine makers. In the last reported financial year, Naked Wines served more than 792,000 customers, called ‘Angels’, in the US, UK and Australia and works with 293 independent winemakers across 22 countries.
The five-year multi-jurisdictional ABL facility has been secured against global wine assets and provides greater operational flexibility, reduced interest costs and additional liquidity. The margin, which is dependent on facility headroom has been reduced to SOFR plus 2.75%-3.25%. The facility provides additional unconstrained liquidity of $25m-$30m and incorporates a single springing fixed charge cover covenant.
John Miesner, Managing Director, and Head of Debt Advisory at Interpath said: “We are delighted to have supported Naked Wines in the successful refinancing of its ABL facility. With reduced covenants, expanded borrowing base and increased liquidity at a lower cost, Naked Wines is now equipped with a facility that offers more operational flexibility and will help the business to continue to unite wine lovers and independent wine makers. Congratulations to the teams at Naked Wines and PNC, and we wish them both all the best for a long and fruitful relationship.”
James Crawford, CFO at Naked Wines Plc, said: “The Interpath team was highly professional and ran a thorough debt process. Utilising the team's knowledge of the market, they supported the preparation of quality marketing materials and data that underpinned a highly competitive process. Interpath's support from strategy formulation through all elements of execution provided us with multiple options and enabled us to achieve a significantly enhanced debt facility.”
