Medifast lifts revolver to $225 million under amendment

By Rebecca Melvin

Concord, N.H., June 3 – Medifast, Inc. increased its revolving credit facility commitments to $225 million from $125 million under an amended and restated credit agreement that closed on May 31, according to an 8-K filing with the Securities and Exchange Commission.

Under the first amendment of the April 13, 2021 credit agreement, the company is also able to increase the total revolving commitment by up to an additional $100 million and the interest rate basis was updated to SOFR from Libor.

Margins over the benchmark were unchanged. Borrowings bear interest at SOFR plus a spread of 125 basis points to 225 bps, depending on the total net leverage ratio.

The commitment fee can vary from 20 bps to 40 bps, also depending on total net leverage.

Citibank, NA is the lead arranger, bookrunner and administrative agent.

The nutrition and weight loss company based in Baltimore, Md.

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