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Get filing alertsSportsman's Warehouse refinances debt, cuts revolver to $315M and extends maturity to 2031
Filed June 24, 2026 · Period ending June 18, 2026 · ~1 min read
Key Changes
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Reduced revolving credit facility from $350M to $315M to align with operating needs, extending maturity from 2024 to June 2031 with Term SOFR margins of 1.75%-2.00%
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Refinanced $45M term loan with new five-year maturity to June 2031, carrying interest margins of either 4.00% or 7.00% plus SOFR depending on loan type
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Both facilities secured by substantially all working capital assets with first-priority liens on equipment, fixtures, intellectual property, and equity interests
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Sportsman's Warehouse refinanced both its term loan and revolving credit facility, extending maturities from 2024 to June 2031 while reducing the revolver commitment by $35 million to $315 million. Management stated the reduction aligns the facility size with the company's operating needs, suggesting either improved working capital efficiency or reduced growth expectations.
The term loan carries relatively high interest margins of 4.00% to 7.00% above SOFR, while the revolver pricing of 1.75% to 2.00% above Term SOFR is more conventional for asset-based lending. For retail holders, the five-year maturity extension removes near-term refinancing risk and provides operational stability through 2031.
The voluntary reduction in revolver capacity, rather than a lender-imposed cut, indicates management confidence in current liquidity needs. However, the term loan's elevated pricing reflects the company's credit profile. Both facilities remain secured by substantially all working capital assets, standard for asset-based lending in retail.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
SPWH refinanced $45M term loan and $315M revolver, extending both to 2031 with reduced revolver commitment from $350M.
Added in current filing · verify on EDGAR →
On June 18, 2026, SWI as lead borrower, the Company as guarantor and other subsidiaries of the Company, each as borrowers, and PLC Agent LLC (the “Pathlight Agent”), as administrative and collateral agent for various lenders (the “ABL Lenders”), entered into an Amended and Restated ABL Term Loan Credit Agreement (the “A&R Term Loan Agreement”), which amends and restates the ABL Term Credit Agreement dated as of July 30, 2024 among the SWI, the Company, the other borrowers party thereto, the Pathlight Agent and the ABL Lenders (the "Prior Term Loan Agreement") governing the Company’s outstanding $45.0 million term loan (the “Term Loan”). The A&R Term Loan Agreement amends the Prior Term Loan Agreement to, among other things, extend the stated maturity date to June 18, 2031, representing a five-year term from closing of the A&R Term Loan Agreement, and provide that the applicable margin for borrowings under the A&R Term Loan Agreement will be either 4.00% or 7.00% depending on the type of term loan.
The company refinanced its $45.0 million term loan, extending the maturity from 2024 to June 18, 2031. The new agreement sets interest margins at either 4.00% or 7.00% depending on loan type, plus SOFR plus 0.10%. The term loan remains secured by substantially all working capital assets with first-priority liens on equipment, fixtures, intellectual property, and equity interests.
Added in current filing · verify on EDGAR →
The Amended Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Line of Credit”) in an aggregate principal amount of $315,000,000, which represents a reduction from the prior $350,000,000 commitment. The Revolving Line of Credit has a maturity of June 18, 2031, representing a five-year term from closing of the Credit and Security Agreement Amendment. The reduction in the commitment size was implemented, among other reasons, to align the size of the facility with the Company’s operating needs.
The company reduced its revolving credit facility from $350 million to $315 million while extending maturity to June 18, 2031. Management stated the $35 million reduction aligns the facility with operating needs. Interest rates range from 1.75% to 2.00% above Term SOFR or 0.75% to 1.00% above base rate, depending on availability levels.
Added in current filing · verify on EDGAR →
Pursuant to the Amended Credit Agreement, borrowings under the Revolving Line of Credit will bear interest based on either the base rate or Term SOFR, at the Company’s option, in each case plus an applicable margin. The base rate is the greatest of (1) the floor rate (as defined in the credit agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) the federal funds rate (as defined in the Amended Credit Agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the Amended Credit Agreement) plus 1.00%. The applicable margin for loans under the revolving credit facility, which varies based on the average daily availability, ranges from 0.75% to 1.00% per year for base rate loans and from 1.75% to 2.00% per year for Term SOFR loans. The Company is required to pay a commitment fee for the unused portion of the revolving credit facility, which will range from 0.25% to 0.30% per annum, depending on the average daily availability under the Revolving Line of Credit.
The revolver pricing is availability-based with Term SOFR margins of 1.75% to 2.00% and base rate margins of 0.75% to 1.00%. The company pays 0.25% to 0.30% commitment fees on unused capacity. Wells Fargo can require lockbox arrangements for receipt collection, and the facility includes mandatory prepayment provisions for asset sales, insurance proceeds, and certain debt or equity issuances.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 24, 2026 · How we verify