The RealReal entered into a credit agreement providing for a new $150 million senior secured term loan facility and a $25 million senior secured revolving credit facility. The company intends to use the proceeds from the term loan, along with cash on hand, to redeem in full its outstanding 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029 at par. Funding and redemption are expected to occur around October 19, 2026. The new facilities bear interest at adjusted Term SOFR plus 5.75%, replacing the previous notes' all-in rate of approximately 13%. This refinancing extends the secured debt maturity to October 2033 and is expected to reduce annual interest expense by roughly $4 million in the first year. The RealReal operates as the world's largest online marketplace for authenticated, resale luxury goods.
