The RealReal, Inc. in private, separately negotiated exchanges of existing convertible notes for new senior secured notes and common stock warrants

On February 29, 2024, The RealReal, Inc. announced it entered into private, separately negotiated debt exchange transactions with certain holders of its 3.00% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2028, pursuant to which such holders exchanged their existing convertible notes for (a) $135,000,000 of new 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029, (b) warrants to purchase up to 7,894,737 shares of the Company’s common stock and (c) accrued and unpaid interest.  As a result of the debt exchange transactions, the Company reduced its total indebtedness by more than $17 million and extended a significant portion of its 2025 maturities.

Wachtell, Lipton, Rosen & Katz is serving as a legal advisor to The RealReal.