Financing ·
Cricut enters $300M senior secured revolving credit facility with BMO Bank
CRCTCricut, Inc.
Cricut, Inc. entered into a new five-year, senior secured, multicurrency revolving credit facility with aggregate commitments of $300 million through BMO Bank N.A., replacing its prior agreement dated August 2022. The facility matures on October 22, 2031, and includes a $35 million letter-of-credit sublimit and a $30 million foreign-currency sublimit. Borrowings bear interest at Adjusted Term SOFR plus margins of 1.125% to 2.00%, or the Alternate Base Rate plus 0.125% to 1.00%. The company must maintain a maximum Net Leverage Ratio of 3.00 to 1.00 and a minimum Interest Coverage Ratio of 3.00 to 1.00, with flexibility to increase leverage ratios following acquisitions exceeding $75 million. Cricut designs and sells personal cutting machines and crafting supplies for the creative community.