Mohawk Group Holdings (NASDAQ: MWK) today announced that it has closed the refinancing of all of its previously outstanding debt, including two senior secured notes and its revolver credit facility. The company previously announced its intent to refinance its outstanding debt on March 8, 2021. In accordance with the refinancing, Mohawk issued senior secured promissory notes in an aggregate principal amount of $110.0 million to two affiliated institutional lenders for a cash payment to Mohawk of $57.7 million and the exchange of two senior secured promissory notes with an aggregate principal amount of $52.3 million previously issued to the institutional lenders. The company used $14.8 million of the net proceeds to repay all amounts owed under its amended and restated credit and security agreement with MidCap Funding X Trust. “This refinancing is the first step in optimizing our capital structure to execute on our accretive M&A strategy,” said Yaniv Sarig, Mohawk’s co-founder and chief executive officer. “We remain focused on advancing on our strong pipeline of potential M&A targets, including our previously announced anticipated acquisition of Photo Paper Direct.”
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About Mohawk Group Holdings Inc.
Mohawk Group Holdings, together with its subsidiaries (“Mohawk”), is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has 12 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high-caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information, visit the company’s website at www.MohawkGp.com.
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