Articles from Guitar Center, Inc.

Guitar Center, Inc. (together with its affiliates, “Guitar Center,” or the “Company”) today announced that it has amended its existing asset-based lending facility (“ABL”). The amended facility maintains total commitments of $375 million, reduces borrowing costs, relaxes certain minimum availability covenants and extends the maturity date from December 31, 2027 to the earlier of May 8, 2031, or 90 days prior to the maturity date of any of the Company’s outstanding senior notes, providing the Company with additional financial flexibility. Wells Fargo Bank will continue to serve as administrative agent and collateral agent for the amended facility.

Guitar Center, Inc. (together with its affiliates, “Guitar Center,” or the “Company”) today announced the successful completion of a comprehensive refinancing transaction of its outstanding debt. As part of this transaction, more than 99.9% of holders of the Company’s 8.50% Senior Secured Notes due January 2026 agreed to exchange such notes for new first-lien senior secured notes due January 2029. The transaction meaningfully extends the Company’s debt maturities from 2026 to 2029. The three-year maturity extension is designed to extend the Company’s liquidity runway and provide the time necessary to deliver on its business plan.

Guitar Center, Inc. (together with its affiliates, “Guitar Center,” or the “Company”) today announced that it has entered into an agreement with an ad hoc group of investors representing more than 70% of its outstanding 8.50% Senior Secured Notes due January 2026 (the “Senior Secured Notes”) to implement a transaction to exchange such notes for new first-lien senior secured notes due January 2029 (such exchange, the “Senior Secured Notes Exchange”). The three-year maturity extension of the Senior Secured Notes is designed to extend the Company’s liquidity runway and provide the time necessary to deliver on its business plan. The Company has separately announced today that it has commenced an exchange offer and consent solicitation to all holders of its Senior Secured Notes to effectuate the Senior Secured Notes Exchange. The Company expects the Senior Secured Notes Exchange to close in August 2025, subject to the terms and conditions thereof.

Guitar Center, Inc. (the “Company”) today announced preliminary sales results for the November and December holiday season and progress towards strategic initiatives.