TheRealReal, Inc. (REAL) Form 8-K — Oct 15, 2026
$REALForm 8-KItems 1.01, 2.03, 7.01, 9.01Filed Oct 15, 2026, 8:27 AM ET0001193125-26-422329Original filing
On October 9, 2026, The RealReal entered into a Credit Agreement with Fortress Credit Corp. as agent, providing a $150 million senior secured term loan and a $25 million senior secured revolving facility, closing concurrently with a funding expected on or about October 19, 2026. Proceeds of the term loan, together with cash on hand, will redeem in full the Company's 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029, replacing a PIK-toggling instrument with a cash-pay term loan priced at adjusted Term SOFR plus 5.75%.
Key figures
- Debt Amount
- 150000000
- Interest Rate
- Term SOFR + 5.75%
- Maturity Date
- Seven years after the Funding Date (expected October 19, 2026)
- Redemption target
- 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029
- Term loan amortization
- 0.25% of initial principal per quarter
- Minimum liquidity covenant
- 25000000
- Voluntary prepayment premium
- 2.00% year one, 1.00% year two, none thereafter
- Revolving facility commitments
- 25000000
- First lien gross leverage covenant
- 4.75:1.00 through fiscal quarter ending Dec 31, 2028, then 4.25:1.00
- Equity issuance prepayment allowance
- Up to $50 million without prepayment premium in year one
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