The extension of the ABL term loan to 2031 provides some balance sheet flexibility, but the $350M revolver still matures in May 2027 — just 11 months away. Monitor the company's ability to refinance or extend the revolver given the $48M market cap and high leverage. The minimum liquidity covenant ($30M or 10% of Specified Combined Loan Cap) is a key threshold to watch.
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Executive Summary
Sportsman's Warehouse amended its revolving credit facility with Wells Fargo and restated its ABL term loan facility with PLC Agent LLC, extending the term loan maturity to June 2031 while maintaining $350M in revolving commitments maturing May 2027. The $25M ABL term loan carries interest rates of SOFR+4% (Tranche A) and SOFR+7% (Tranche B), with a minimum liquidity covenant requiring Revolving Availability of at least $30M or 10% of the Specified Combined Loan Cap.
Key Facts
- Entered into Third Amendment to Revolving Credit Agreement with Wells Fargo as administrative agent
- Entered into Amended and Restated ABL Term Loan Credit Agreement with PLC Agent LLC as agent
- ABL Term Loan consists of $5M Initial ABL Term A Loans and $20M Initial ABL Term B Loans ($25M total)
- ABL Term Loan maturity extended to June 18, 2031 (or earlier if revolver matures)
- Revolving Credit Facility has $350M aggregate commitments, maturing May 27, 2027
- ABL Term A Loans bear interest at SOFR + 4.00%; ABL Term B Loans at SOFR + 7.00%
- Minimum Revolving Availability covenant: greater of $30M and 10% of Specified Combined Loan Cap
- Intercreditor agreement governs priority between revolving lenders and ABL term lenders
Financial Impact
No new capital raised; existing $350M revolver and $25M ABL term loan facilities amended/restated. Term loan maturity extended to 2031, revolver unchanged at May 2027.
Risk Factors
- High leverage relative to $48M market cap with $350M revolver and $25M term loan
- Revolving credit facility matures May 2027, creating refinancing risk within ~11 months
- Potential liquidity constraints if Revolving Availability falls below covenant threshold
- Interest rate exposure on floating-rate debt (SOFR + spreads)
Market Snapshot
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-281135 |
| Document: spwh-ex10_1.htm | 0001193125-26-281135 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | 8-K | $1.28 | awaiting T+60 | — | $1.06 (−17.19%) |
Sep 1, 2026 7w ago | Press Release | $1.28 | awaiting T+60 | — | $1.06 (−17.19%) |
Aug 18, 2026 9w ago | Press Release | $1.19 | awaiting T+60 | — | $1.06 (−10.92%) |
Jun 24, 2026 17w ago | 8-K | $1.22 $1.17 | ▼ −4.10% | ▼ −7.83% | $1.06 (−13.11%) |
Jun 2, 2026 20w ago | 8-K | $1.45 $1.14 | ▼ −21.38% | ▼ −23.88% | $1.06 (−26.90%) |
Jun 2, 2026 20w ago | Press Release | $1.45 $1.14 | ▲ +21.38% | ▲ +23.88% | $1.06 (+26.90%) |
Mar 31, 2026 29w ago | 8-K | $1.32 $1.35 | ▼ −2.27% | ▲ +11.11% | $1.06 (+19.70%) |
Mar 17, 2026 31w ago | Press Release | $1.38 $1.26 | ▼ −8.70% | ▼ −20.22% | $1.06 (−23.19%) |
Mar 3, 2026 34w ago | Press Release | $1.48 $1.27 | ▼ −14.19% | ▼ −24.51% | $1.06 (−28.38%) |
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