Jakks Pacific fully repays term loan via Benefit Street Partners

By Wendy Van Sickle

Columbus, Ohio, June 6 – Jakks Pacific, Inc. fully repaid its term loan from Benefit Street Partners on Monday, according to an 8-K filed with the Securities and Exchange Commission.

The voluntary prepayment of $30.5 million using cash on hand is expected to save the company about $1.2 million in cash expense for the balance of this fiscal year.

Jakks continues to maintain its asset-based revolving credit line with JPMorgan Chase Bank. The excess borrowing availability was $30.2 million as of March 31.

Jakks is a Santa Monica, Calif.-based designer, manufacturer and marketer of toys and consumer products.

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