Funko, Inc. Completes Credit Facility Amendment and Extension

Date : 09/27/2019 @ 12:30PM
Source : GlobeNewswire Inc.
Stock : Funko Inc (FNKO)
Quote : 15.125  0.595 (4.09%) @ 8:16PM

Funko, Inc. Completes Credit Facility Amendment and Extension

Funko (NASDAQ:FNKO)
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3 Months : From Sep 2019 to Dec 2019

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Funko, Inc. (Nasdaq: FNKO) (“Funko” or “the Company”), a leading pop culture consumer products company, announced that certain of its subsidiaries entered into a Second Amendment to their existing Credit Agreement (the “Amendment”) that will reduce the interest margin by 75 basis points as a result of the Company’s strong performance over the past year.

"The Amendment will meaningfully reduce our cost of borrowing," said Jennifer Fall Jung, Chief Financial Officer. “We saw an opportunity to amend our credit facility due to the combined factors of a favorable debt market and the Company’s strong financial performance over this past year.”

In addition, the Amendment extends the maturity of the credit facility by approximately one year, among other changes.

Additional details regarding the Amendment are set forth in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 24, 2019.

About Funko

Headquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, board games, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the extension and amendment to the Company’s existing credit facility. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in the prospectus supplement filed with the SEC on September 19, 2019 and our other filings with the SEC, any of which could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Relations:

Andrew HarlessInvestor Relationsandrewh@funko.com

Media:

Jessica PihaDirector of Corporate Communications & PRjessicap@funko.com

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